1. (ALL ANSWERS IN THE FORM OF A PERCENT MUST BE CORRECTLY ROUNDED TO THE NEAREST .01%; ALL ANSWERS IN THE FORM OF A DOLLAR VALUE MUST BE CORRECTLY ROUNDED TO THE NEAREST $.01

a) You would like to have $45,000 in your retirement account four years from today. The account pays an APR of 3.5% with daily compounding. How much would you have to deposit today in order to have $45,000 four years from today.

b) Suppose that you receive a credit card offering an introductory rate of 0.9% per year, compounded monthly for the first six months. The rate then increases to 15.0 percent compounded monthly. You decide to transfer a $6,000 balance that you owe on your existing credit card to the new credit card, and you make no payments for the next year. How much will you owe on the new credit card at the end of the first year?

c) You presently have $19,000 to invest. You would like to have $29,000 seventeen years from today. What annual rate of interest must you earn on this investment in order to reach your goal?

(Please show your work in detail.)