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You have been hired as a benefit consultant by Jean Honore, the owner of Crane Angels. She wants to establish a retirement plan for herself

You have been hired as a benefit consultant by Jean Honore, the owner of Crane Angels. She wants to establish a retirement plan for herself and her 3 employees. Jean has provided the following information:
- The retirement plan is based upon salary for the last year before retirement and will provide 50% of Jeans last-year annual salary and 40% of the last-year salary for each employee.
- The plan will make annual payments at the beginning of each year for 20 years from the date of retirement.
- Jean wishes to fund the plan by making 15 annual deposits beginning January 1,2025.
- Invested funds will earn 11% compounding annually.
Information about plan participants (employees and Jean) as of January 1,2025 is as follows:
Jean Honore (owner): Current annual salary of $50,880 with an estimated retirement date of January 1,2050.
Colin Davis (flow manager): Current annual salary of $38,550 with an estimated retirement date of January 1,2055
Anita Baker (Sales clerk): Current annual salary of $20,970 with an estimated retirement date of January 1,2045.
Gavin Bryars (Part-time bookkeeper): Current annual salary of $16,720 with an estimated retirement date of January 1,2040
It is determined that the annual retirement benefit for each employee is the following:
- Jean Honore- $65,211
- Colin Davis- $48,090
- Anita Baker- $17,672
- Gavin Bryars- $11,582
With all the above information solve the following two questions:
1.) What amount must be on deposit at the end of 15 years to ensure that all the benefits will be paid? (round factor values to 5 decimal places and the final answer to 0 decimal places)
2.) What is the amount of each annual deposit Jean has to make to the retirement plan? (Round factor values to 5 decimal places and final answer to 0 decimal places)

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