Snapshot Schedule - Retain schedule

I wanted to find out information about snapshot schedules.  I know you can configure weekly, nightly and hourly backups, but how many of these backups are retained, and is that a configurable option.  Such as if i configure 1 weekly, 5 nightly and 4 hourly, how many for example are the weekly backups restained, is 5 weeks retained or is that a configurable or does it depend on the volume space.

Any advise.

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