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John is planning on retiring in the year 2 0 5 0 . He saves $ 3 0 0 0 per year which he places

John is planning on retiring in the year

2050 .

He saves $

3000

per year which he places in a retirement annuity. He will be contributing to this annuity for a

30 -

year period. If the interest rate is

3 %,

how much will John have in his annuity when he retires?

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