Determine the total amount of his contributions

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Reference no: EM131517037

For a person's retirement in 30 years, this person plans to make monthly contributions of $25 to an ordinary annuity paying 8 1/2 % annually, compounded monthly.

a. Determine the total amount of his contributions.

b. Determine the single deposit now that will provide the same retirement benefit.

Reference no: EM131517037

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