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Dean Gooch is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of

Dean Gooch is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of $1,700 per month for twenty-five years.

(a) How much money must he deposit if his money earns 7.3% interest compounded monthly?

(b) Find the total amount that Dean will receive from his payout annuity.

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