Question: Bill started saving for his retirement when he was 37 . Each month he deposited $100.00 into an annuity that earns 3.5% compounded monthly. Assume

  • Bill started saving for his retirement when he was 37 . Each month he deposited $100.00 into an annuity that earns 3.5% compounded monthly. Assume the interest rate stays the same while the account is open. You may round your answers to the nearest cent.

  • How much will be in the account when Bill turns 70 ?

  • Of this future account balance, how much comes from Bill's deposits?

  • How much interest, in total, will he earn?

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