1. A person needs $62000. He/she makes deposits of $1100 at the end of each quarter in an account which earns 10% compounded quarterly. a. How many full deposits are required? full deposits b. Find the amount of the smaller concluding deposit at the end of the next quarter. If no final deposit is required, your answer is 0. $ ---

2. Equal deposits of $3500 are made at the end of each quarter in an account which earns 8.5% compounded monthly for 20 years. a. State the effective rate for 8.5% compounded monthly to 2 decimal places. % b. Using the value you got for part a, state the equivalent nominal rate converted quarterly to 8.5% compounded monthly to 2 decimal places. % c. Using the nominal rate from part b, determine the balance of the account at the end of 20 years. $ d. If no more deposits are made, but the money is left in the account accumulating interest for 13 more years, determine the amount in the account at the end of 33 years. Hint: Use 8.5% compounded monthly.

3. How much money should be deposited at age 19 in order to withdraw $20000 at the end of each year for 20 years if the first withdrawal is made at age 34. The account earns 8% compounded quarterly. Hint: Round effective rate to two decimal places. For the time where no withdrawals are being made, use 8% compounded quarterly.