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Martha starts saving for her retirement by making monthly deposits into a retirement account whose annual rate is 3 . 4 % . She plans

Martha starts saving for her retirement by making monthly deposits into a retirement account whose annual rate is 3.4%. She plans to retire in 22 years with an amount of money that has the same buying power as $250,765 has today. If the anticipated rate of inflation if 2.9%, how much should each of her deposits be? Jack borrows $28,500 to pay for a car. The loan carries an annual rate of 5.8% and he wants to be debt free in 7 years by making biweekly payments (26 per year). How much interest will he pay on this loan?

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