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Jeff is saving for his retirement 25 years from now by setting up a savings plan. He has set up a savings plan wherein he
Jeff is saving for his retirement 25 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $103.00 at the end of each year for the next 14 years. Interest is 10% compounded 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 $7 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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