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Retirement Planning OHaganBooks.com has just introduced a retirement package for its employees. Under the annuity plan operated by Sleepy Hollow, the monthly contribution by the company on behalf of each employee is $800. Each employee can then supplement that amount through payroll deductions. The current rate of return of Sleepy Hollow’s retirement fund is 7.3%. Use this information in Exercises 45–52.
Jane Callahan, the website developer at OHaganBooks.com, plans to retire in 10 years. She contributes $1,000 per month to the plan (in addition to the company contribution of $800). Currently, there is $50,000 in her retirement annuity. How much (to the nearest dollar) will it be worth when she retires?
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