1. You have just earned your undergraduate degree and have landed an awesome job. You are hoping to one day own your own business and know that you will need $50,000 to do so. At this point you can afford to save $400/month. You can invest that money into CDs that are currently paying 6% annually. You are hoping to start saving for this at the end of this month. How many months will take you to reach your goal? You must show your calculator inputs to receive full credit (Ex: N=?, I=?, PV=?,PMT=?,FV=?). Round your answer to two decimal places.

2.Imagine that you are going to graduate college in 2 years and that you want to buy a house after you graduate. You estimate that you are going to need roughly $10,000 to use as a down payment to buy a home. Assuming that you could earn a 3% annual interest rate, how much would you need to invest monthly, starting at the end of the month, to have the amount needed for the down payment? You must show your calculator inputs to receive full credit (Ex: N=?, I=?, PV=?,PMT=?,FV=?). Round your answer to two decimal places.

3. If you deposited $1,895 in a bank account today that paid a 2% annual interest rate, how much would you have at the end of 10 years? You must show your calculator inputs to receive full credit (Ex: N=?, I=?, PV=?,PMT=?,FV=?). Round your answer to two decimal places.

4. Your boss has just given you a $5,000 bonus for the superb work you have been doing. You want to save some of that money for a trip to Bora Bora that you are hoping to take in 4 years. You project that you will need $4,000 then. Assuming that you can open a savings account that earns a 3% annual interest rate that is compounded monthly, how much of your bonus should you invest today to reach your goal? You must show your calculator inputs to receive full credit (Ex: N=?, I=?, PV=?,PMT=?,FV=?). Round your answer to two decimal places.

5. Your parents have saved $1,235,060 for retirement as of now. They have asked you to help them with their retirement plan. They have been earning an average of 5% annually on their retirement investments and expect that to continue. If they retired today they would expect to live another 25 years. How much could they withdraw from their retirement account each year if they started doing so at the end of this year? You must show your calculator inputs to receive full credit (Ex: N=?, I=?, PV=?,PMT=?,FV=?). Round your answer to two decimal places.