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Troy is saving for his retirement 20 years from now by setting up a savings plan. He has set up a savings plan wherein he

Troy is saving for his retirement 20 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $125.00 at the end of each year for the next 15 years. Interest is 12% compounded annually.

(a) How much money will be in his account on the date of his retirement?

(b) How much will Troy contribute?

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