Question
Jeff is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he
Jeff is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $88.00 at the end of every six months for the next 10 years. Interest is 12% compounded semi-annually.
(a) How much money will be in his account on the date of his retirement?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(b) How much will Jeff contribute?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(c) How much will be interest?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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