10

How much does a depositor have to save at the end of every month for 30 years to accumulate $1,000,000 if interest is 6% compounded semi-annually? Select one: a. $1.293.98 b. $1,009.61 c. $1,117.27 d. $1,100.00 e. $1.004.65 Paul intends to retire in 15 years and would like to receive $1,500 every month for 20 years, starting at the end of the first month in which he retires. How much must he have at the beginning of retirement il interest is 5% compounded annually? Select one: a. $191,834.03 b. $230,349.83 c. $229,415.16 d. $227,287.97 e. 228.235.00