1. Time value calculation:

A. You plan to deposit $9500 per quarter into an account that will earn 12%. At the end of 15 years, how much will you have saved in this account?

B. You have just reached retirement, and are trying to decide how much you can withdraw from your savings each year at the beginning of the year. You anticipate living 25 years, and have saved $3 million. If you believe interest rates will remain 8% over the entire period, how much can you withdraw?