1-A

Connor would like to start retirement savings program where he will contribute to an account that will accumulate tax free throughout his career. He expects to retire in exactly 35 years from today with the goal of having accumulated the amount of $1000000 in his retirement fund when he reaches his future retirement age. In order to meet his goal, he will begin making MONTHLY contributions to a special account devoted to the retirement goal. Contributions to this account will begin one month from today, and will continue placing equal monthly amounts into his retirement account for the next 35 years. What minimum amount needs to be placed in his account at the end of each month so that he'll reach his goal if the annual interest rate is 4.00%.

$ Instructions: Place your answer to the nearest dollar. Work all calculations using at least SIX decimal points of accuracy. DO NOT USE A DOLLAR SIGN OR A COMMA IN YOUR ANSWER. Life tip: think about this answer as you enter the work force and start saving for retirement. Start young

1-B

Sharon has worked for a company with a retirement program, and today is retiring from her job with the amount of $141000 in her retirement account. She decides to withdrawal an equal amount from this account, once a year, beginning immediately, and ending 18 years from today (for a total of 19 payments). If the interest rate is 5.25%, solve for the annuity amount such that she uses up her full accumulation. $ Place your answer in dollars and cents. Do not use a dollar sign or comma as part of your answer. For example, an answer of fifty four point three eight would be placed as 54.38

Answer both 1A and 1B they come together as 1 question

accumulated the amount of $1000000 in his retirement fund when he reaches his future retirement age. Instructions: Place your answer to the nearest dollar. Work all calculations using at least SIX decimal points of accuracy. DO NOT USE A DOLLAR SIGN OR A COMMA IN YOUR ANSWER. beginning immediately, and ending 18 years from today (for a total of 19 payments). If the interest rate is 5.25%, solve for the annuity amount such that she uses up her full accumulation. Place your answer in dollars and cents. Do not use a dollar sign or comma as part of your answer. For example, an answer of fifty four point three eight would be placed as 54.38