1.

Following her 18th birthday, Madison began investing $41 at the end of each week in an account earning 5% per year compounded weekly. She plans to continue making weekly investments until she turns 68. If she had waited until she turned 56, how much would she have to invest weekly in order to have the same retirement nest egg at age 68? Round to the nearest cent. (Hint: Find the size of the retirement nest egg, then use that to solve for CF under the shorter investment scenario)

2.

You plan to make annual deposits of $4,000 into an account at the beginning of each year for the next 8 years. If you can earn 4.4% interest, what will your final balance be by the end of 8 years? Round to the nearest cent.