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5. a) Describe the main differences between defined-contribution and defined-benefit pension plans. (10 pts) b) Of all the mistakes that people make when planning for

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5. a) Describe the main differences between defined-contribution and defined-benefit pension plans. (10 pts) b) Of all the mistakes that people make when planning for retirement, which one do you think is the worst mistake? Give two reasons why. (15 pts)

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