Question: Dick Eckel recently set up a TDA to save for his retirement. He arranged to have $105 taken out of each of his biweekly checks;

Dick Eckel recently set up a TDA to save for his retirement. He arranged to have $105 taken out of each of his biweekly checks; it will earn 9% interest. He just had his twenty-ninth birthday, and his ordinary annuity comes to term when he is 65. (Round your answers to the nearest cent.) (a) Find the present value of the given annuity. $ 834841 20 X (b) Interpret the present value of the given annuity. You would have to invest a lump sum of $ now instead of $105 biweekly

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