Question: Dan started saving for his retirement when he was 37. Each month he deposited $100.00 into an annuity that earns 3.25% per year compounded monthly.

Dan started saving for his retirement when he was 37. Each month he deposited $100.00 into an annuity that earns 3.25% per year compounded monthly. How much will be in the account when Bill turns 70?

How much will he have deposited?

How much interest will he have earned?

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