1) You are 22 and want to retire at the age of 65. Starting the year after your retirement date youd like to have an annuity paying $45,000 until age 90. How much would you need to save each year until you retire, to fund this annuity? Interest rates are 6%.

2) Which of these statements is not true?

a)	An individual in a partnership is liable for all of the firms debts

b)	An annuity is equal to a perpetuity plus a deferred perpetuity

c)	Debt is cheaper than equity because it is repaid first and provides a fixed return

d)	A bond's yield to maturity fluctuates as market interest rates change