1. You want to retire and have annual payments of $55,000 over a 23 year period. You plan to retire in 16 years. If you can earn 7.5% on your funds, how much do you need to invest monthly until you retire to reach your goal?

2. You have a choice of $1 million in 50 years or $1,600 today. If your interest rate is 14%, which would you choose? (show your work to receive credit).

3. You are looking at 2 investments. One will pay you $550 a year for the next 15 years. The other one will pay you $24,000 in 20 years. If your rate of return is 9%, which is the best investment for you? (show your work to receive credit).