1. Bankrate.com reported on a shocking statistic: only 53% of workers participate in their companys retirement plan. This means that 47% do not. With such an uncertain future for Social Security, this can leave almost 1 in 2 individuals without proper income during retirement. Jill Collins, 30, decided she needs to have $240,000 in her retirement account upon retiring at 60. How much does she need to invest each year at 6% compounded annually to meet her goal? (Please use the following provided

2. Josef Company borrowed money that must be repaid in 10 years. The company wants to make sure the loan will be repaid at the end of year 10. So it invests $13,000 at the end of each year at 9% interest compounded annually. What was the amount of the original loan?

3. Rob Herndon, an accountant with Southwest Airlines, wants to retire 50% of Southwest Airlines bonds by 2050. Calculate the payment Rob needs to make at the end of each year at 5% compounded annually to reach his goal of paying off $370,000 in 32 years.