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OHaganBooks.com has just introduced a retirement package for its employees. Under the annuity plan operated by Sleepy Hollow, the monthly contribution by the company on
OHaganBooks.com has just introduced a retirement package for its employees. Under the annuity plan operated by Sleepy Hollow, the monthly contribution by the company on behalf of each employee is $ Each employee can then supplement that amount through payroll deductions. The current rate of return of Sleepy Hollow's retirement fund is
Jane Callahan, the website developer at
OHaganBooks.com, plans to retire in years. She contributes $ per month to the plan in addition to the company contribution of $ Currently, there is $ in her retirement annuity. How much to the nearest dollar will it be worth when she retires? Assume interest is compounded monthly.
$
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