Question: 7) Mr. M. Marner is saving up for her retirement by depositing $683 into a savings account at the end of every month. At retirement

7) Mr. M. Marner is saving up for her retirement by

7) Mr. M. Marner is saving up for her retirement by depositing $683 into a savings account at the end of every month. At retirement he would like to receive beginning of the quarter payments of $12,345.67 for 30 years. If rates are expected to be 5% compounded semi-annually for the entire question, in how many years can he retire? ( 6 marks) (a) How much money does he need at retirement? (b) In how many years can he retire

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