Saving for retirement-ordinary annuity
Problem:
Cathy is saving for her retirement by putting $325 each month into an ordinary annuity. If the annuity is expected to pay an annual interest rate of 8.5%, how much will she save for her retirement in 30 years?
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If the interest rate is 6 percent per year, how much must you save each year to meet your retirement goal?
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Cathy is saving for her retirement by putting $325 each month into an ordinary annuity.
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