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You start an annuity on your 1 8 th birthday. You deposit $ 5 at the end of every week until you turn 6 5

You start an annuity on your 18th birthday. You deposit $5 at the end of every week until you
turn 65.
(a) If your annuity earns 51/2% interest, how much money will your have when you turn 65?
(b) How much of that is interest?
(c) Youre long lost rich relative decides to give you enough money to replace your annuity on
the previous page. How much money would they need to deposit now in order to save the
same amount as your annuity?

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