Troy is saving for his retirement 22 years from now by setting up a savings...
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Accounting
Troy is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $ 127.00 at the end of each month for the next 11 years. Interest is 7 % compounded monthly.
(a) How much money will be in his account on the date of his retirement?
(b) How much will Troy contribute?
(c) How much will be interest?
(a) The future value will be $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(b) Troy will contribute $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(c) The interest will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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