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Jeff is saving for his retirement 23 years from now by setting up a savings plan. He has set up a savings plan wherein he
Jeff is saving for his retirement 23 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $85.00 at the end of every six months for the next 13 years. Interest is 7% compounded semi-annually (a) How much money will be in his account on the date of his retirement? (b) How much will Jeff contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) Jeff will contribute | (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The interest will be s (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Jeff is saving for his retirement 23 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $85.00 at the end of every six months for the next 13 years. Interest is 7% compounded semi-annually (a) How much money will be in his account on the date of his retirement? (b) How much will Jeff contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) Jeff will contribute | (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The interest will be s (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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