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Mr. Smith wants to save for his retirement by making regular monthly deposits into an...

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Finance

Mr. Smith wants to save for his retirement by making regular monthly deposits into an ordinary simple annuity. He plans to deposit $500 at the end of each month for 20 years. If the annuity offers an annual interest rate of 6%, compounded monthly, calculate the future value of Mr. Smith's annuity after 20 years. 2) Mr. Thompson wants to receive a fixed monthly payment of $800 for 10 years from an ordinary simple

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