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At age 21 Julio begins saving $1,350 each year until age 35 (15 payments) in an ordinary annuity paying 5% annual interest compounded yearly and
At age 21 Julio begins saving $1,350 each year until age 35 (15 payments) in an ordinary annuity paying 5% annual interest compounded yearly and then leaves his money in the account until age 65 (30 years). His friend Max begins at age 41 in the same type of account until age 65 (25 payments). How much would Max have to save per year to have the same amount as Julio at age 652 Max would have to save $ per year. (Round up to the nearest cent)
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