1. Jennifer's pension plan is an annuity with a guaranteed return of 5% per year (compounded monthly). She can afford to put $300 per month into the fund, and she will work for 40 years before retiring.

How much money (in dollars) has accumulated when Jennifer retires? (Round your answer to the nearest cent.)

$ __________

If Jennifer's pension is then paid out monthly based on a 30-year payout, how much (in dollars) will she receive per month? (Round your answer to the nearest cent.)

$ ___________

2. Your pension plan is an annuity with a guaranteed return of 4% per year (compounded quarterly). You can afford to put $1,600 per quarter into the fund, and you will work for 40 years before retiring.

How much money (in dollars) has accumulated in the retirement fund when you retire? (Round your answer to the nearest cent.)

$ _______

After you retire, you will be paid a quarterly pension based on a 25-year payout. How much (in dollars) will you receive each quarter? (Round your answer to the nearest cent.)

$ ________