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Mr. M. Marner is saving up for her retirement by depositing $638 into a savings account at the end of every month for 12 years.
- Mr. M. Marner is saving up for her retirement by depositing $638 into a savings account at the end of every month for 12 years. If rates are expected to be 7.5% compounded semi-annually for the entire question, how large will his END of quarter payments be (after retirement) for the expected 20 years AFTER retirement? (Entire timeline is 32 years-4 marks)
(a) How much does she have in 12 years?
(b) How large are the quarterly payments she can take out after retirement?
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