Question: [ IS] 5. Sam sets up an annuity to save for his retirement. He arranges to have 5550 taken out of each of his monthly

[ IS] 5. Sam sets up an annuity to save for his retirement. He arranges to have 5550 taken out of each of his monthly checks; it will earn 5% 96 APR. He starts his annuity when he turns 45 and retires and stops contributing to the annuity at 65. a. What is Sam's total contribution to the account? b. What is the amount of interest that Sam earns on the account by the time he retires

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