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Elena invests in a retirement plan in which equal payments of €1500 are made at the beginning of each year. Interest is earned on each payment at a rate of 2.49 % per year, compounded annually.
Find the value of the investment after 25 years.
Hence the value of the investment after 25 years is €= .
Find the amount of interest Elena will earn on the investment over 25 years.
The amount of interest earned on the investment over 25 years is=€ .