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Melinda is planning for retirement so she makes monthly deposits of $420 in an account earning 5% compounded monthly for 30 years.
(a) Find the amount that Melinda has in the account in 30 years.
$?
(b) Once she retires she will make monthly withdraws on the account for 20 years. Assuming that once she starts withdrawing on the account, she will earn 4% compounded monthly. Find the amount that she can withdraw every month.
$?
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