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Joey starts a paper route at age 15 and saves 15 each

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Joey starts a paper route at age 15 and saves $15 each month in an annuity that pays 6.9%. He continues this habit until he retires at age 68, 53yrs later.

a) What will be the value of the annuity at his retirement?

b) Find the total amount invested during this time.

Reference no: EM13584047

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