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Jake plans to pay $20,000 every year for his retirement fund for next 30 years, beginning next year. The interest rate, which will compound annually,

Jake plans to pay $20,000 every year for his retirement fund for next 30 years, beginning next year. The interest rate, which will compound annually, will be 10.5%. How much will Jake have in his retirement fund 30 years from now? How will your answer change if the interests compound semiannually?

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