Jeanne and Harold Kimura want to set up a TDA that will generate sufficient interest at maturity to meet their living expenses, which they project to be $850 per month. (Round your answers to the nearest cent.)
(a) Find the amount needed at maturity to generate $850 per month interest if they can get 6 1/2% interest compounded monthly
(b) Find the monthly payment that they would have to put into an ordinary annuity to obtain the future value found in part (a) if their money earns 8 1/4% interest and the term is 20 years
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