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After finishing your college degree, you start a job that has a retirement plan. Suppose that $100 is deposited monthly into your retirement account which earns interest
compounded monthly at a 4% annual rate.
a) (7 pts.) How much money will be in the retirement account after 30 years? Round your answer to the nearest cent.
b) (4 pts.) If you wait until 10 years before retirement to start making the deposits, how much will you have to deposit each month to have the same amount at
retirement that you found in part A ? (Assume the same interest rate) Round your
answer to the nearest cent.