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Sam wants to retire at age 50. He plans to set up an annuity fund that will provide him with a monthly allowance of $3500 for 30 years, starting when he retires.
His financial advisor tells him he can expect to earn interest at an annual rate of 7%, compounded monthly.
Calculate how much Sam must have saved in his annuity fund by age 50, in order to meet his retirement goal.
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Sam is currently 27 and has not started saving yet. He plans to save some part of his salary each month to contribute to his annuity fund.
Find, to the nearest hundred, the amount Sam must save, each month, to meet his retirement goal.
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