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PART ONE: To plan for retirement, Scott deposits $298 each quarter in an annuity that pays 7% interest, compounded quarterly. Payments will be made at

PART ONE: To plan for retirement, Scott deposits $298 each quarter in an annuity that pays 7% interest, compounded quarterly. Payments will be made at the end of each quarter. Find the total value of the annuity in 28 years. Do not round any intermediate computations, and round your final answer to the nearest cent.

PART TWO: A principal of $1900 is invested at 8.5% interest, compounded annually. How many years will it take to accumulate $4000 or more in the account? (Use the calculator provided if necessary).

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