1. How much money must be invested in a retirement plan each month to accumulate $500,000...

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1. How much money must be invested in a retirement plan each month to accumulate $500,000 in 20 years? Assume an annual interest rate of 3% compounded monthly. 2. A company must purchase a machine that will be used over the next 10 years. The purchase price is $20,000. The salvage value after 10 years is $2000. Maintenance and replacement cost for the machine are $200 per year. Annual insurance cost is 2% of the purchase price. Electricity cost is $300 per year. At an interest rate of 6 % per year, what is the equivalent uniform annual cost (EUAC)? 1. How much money must be invested in a retirement plan each month to accumulate $500,000 in 20 years? Assume an annual interest rate of 3% compounded monthly. 2. A company must purchase a machine that will be used over the next 10 years. The purchase price is $20,000. The salvage value after 10 years is $2000. Maintenance and replacement cost for the machine are $200 per year. Annual insurance cost is 2% of the purchase price. Electricity cost is $300 per year. At an interest rate of 6 % per year, what is the equivalent uniform annual cost (EUAC)?