Herrera Fuentes
11/15/2023 · Senior High School
To plan for retirement, Bob deposits \( \$ 295 \) each quarter in an annuity that pays \( 7 \% \) interest, compounded quarterly. Payments will be made at the end of each quarter. Find the total value of the annuity in 28 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
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The total value of the annuity in 28 years is approximately $8,231,610.09.
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