#$17$

Derek plans to retire on his $65$th birthday. However, he plans to work part$-$time until he turns $75\mathrm{.}00.$ During these years of part$-$time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns $75\mathrm{.}0$ when he fully retires, he will wants to have $$3,295,035\mathrm{.}00$ in his retirement account. He he will make contributions to his retirement account from his $26$ th birthday to his $65$ th birthday. To reach his goal, what must the contributions be$?$ Assume a $6\mathrm{.}00\%$ interest rate.

Answer format: Currency: Round to: $2$ decimal places.

Attempts Remaining: Infinity

#$18$

A bank offers $8\mathrm{.}00\%$ on savings accounts. What is the effective annual rate if interest is compounded semiannually?

Answer format: Percentage Round to: $4$ decimal places $($Example: $9\mathrm{.}2434\%,\%$ sign required. Will accept decimal format rounded to $6$ decimal places $($ex: $0\mathrm{.}092434))$