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A person wants to establish an annuity for retirement. He wants to make monthly deposits for 3 5 years so that he can then make
A person wants to establish an annuity for retirement. He wants to make monthly deposits for years so that he can then make monthly withdraws of $ for years. The annuity earns compounded monthly. a How much will have to be in the account at the time he retires? Value of account at retirement: $ b How much should be deposited each month for years in order to accumulate the required amount? Monthly deposit: $ c What is the total amount of interest earned during the year period? Total Interest Earned: $
A person wants to establish an annuity for retirement. He wants to make monthly deposits for
years so that he can then make monthly withdraws of $
for
years. The annuity earns
compounded monthly.
a How much will have to be in the account at the time he retires?
Value of account at retirement: $
b How much should be deposited each month for
years in order to accumulate the required amount?
Monthly deposit: $
c What is the total amount of interest earned during the
year period?
Total Interest Earned: $
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