Question
1) Right now you are 20 years old and want to retire at 65; if you want to have $650,000 in the bank when you
1)
Right now you are 20 years old and want to retire at 65; if you want to have $650,000 in the bank when you retire, how much must you deposit each year to reach your goal if your account pays interest of 8 percent? Use time value of money factors with at least four decimal places and then round your final answer to the nearest whole dollar.
2)
If you deposited $425 into a savings account that paid 3% interest, how much would be in the account in three years, if you never made any additional deposits or withdrawals? Use time value of money factors with at least four decimal places and then round your final answer to the nearest whole dollar.
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