(Solved): A newscaster earns an annual salary of \( \$ 30,700 \). They want to invest \( 10 \% \) of their mo ...

A newscaster earns an annual salary of \( \$ 30,700 \). They want to invest \( 10 \% \) of their monthly paycheck in order to save for retirement in 40 years. If they invest this money at \( 5.5 \% \) compounded monthly, how much money will they have at retirement? a) How much money from their paychecks will be saved each year? b) What will be the monthly deposit? Round your answer to the nearest cent. c) What will be the amount in the account after 40 years? Round your answer to the nearest cent.