A person wants to establish an annuity for retirement. He wants to make quarterly deposits for 30 years into an ordinary annuity that earns 7.12% compounded quarterly. His goal is to have $550332.25 at the end of 30 years. (a) The amount that should be deposited each quarter in order to accumulate the required amount is $1340.44 . [Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places.] (b) What is the total amount of interest earned during the 30-year period? Total Interest Earned: [Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places.]
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