1) Danny has decided to retire once he has $1,500,000 in his retirement account. At the end of each year, he will contribute $8,000 to the account, which is expected to provide a annual return of 8.0%. How many years will it take until he can retire? (Round to the nearest year.)

O 42 years O 32 years O 38 years O 36 years 40 years

2) Suppose Dannys friend, Hugh, has the same retirement plan, saving $8,000 at the end of each year and retiring once he hits $1,500,000. However, Hughs account is expected to provide an annual return of 10.7%. How much sooner can Hugh retire? (Round to the nearest year.)

6 years 8 years 5 years 7 years 4 years

3) After 25 years, neither Danny nor Hugh will have enough money to retire, but how much more will Hughs account be worth at this time?

$130073 $169363 $162869 $289671 $107938

4). Rick is jealous of Nathan is scheduled to retire before him, so Rick decides to make whatever end-ofyear contribution is neccessary to reach the $1500000 goal at the same time as Nathan.If Rick continues to earn 8% annual interest,what annual contributuion must he make inorder to retire at the same time as Nathan?

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