1)Elizabeth is planning to buy a car. She should be indifferent between making 60 monthly payments of $645 with the first payment due today or paying $______ today. Assume a discount rate of 6.00% p.a. compounded monthly.

2)Today is your 25th birthday. You will begin making equal deposits on each birthday until your 65th birthday into an account that earns 6%. The first deposit will be made on your 28th birthday. To attain your goal of having $1,000,000 in the account on your 65th birthday, the deposits must be $_________.

3)Today is your 25th birthday. You will begin making equal deposits on each birthday until your 65th birthday into an account that earns 6%. The first deposit will be made on your 28th birthday. To attain your goal of having $1,000,000 in the account on your 65th birthday, the deposits must be $_________.

4)Today is your 25th birthday. You will begin making equal deposits on each birthday until your 65th birthday into an account that earns 6%. The first deposit will be made today. You want to withdraw $75,000 per year beginning on your 66th birthday and ending on your 85th birthday. The deposits must be $_________.

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