1. You currently have $8,600 (Present Value) in an account that has an interest rate of 7% per year compounded semi-annually (2 times per year). You want to withdraw all your money when it reaches $20,640 (Future Value). In how many years will you be able to withdraw all your money?

2. Suppose you want to have $700,000 for retirement in 20 years. Your account earns 6% interest. How much would you need to deposit in the account each month?

3. You have $300,000 saved for retirement. Your account earns 5% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?