1.Starting today, Dean Jones is going to contribute $300 on the first of each month to his retirement account. His employer will contribute an additional 40% of the amount Dean Jones contributes. If both Dean Jones and his employer continue to do this and he can earn a monthly rate of 0.75%, how much will he have in his retirement account 40 years from now?

a. 1,980,900.67

b. 1,966,154.51

c. 1,951,518.12

d. 203,112.00

2. You have borrowed $8,900 from a friend. Youve mutually agreed to a repay $260 per month with a monthly interest of 0.275%. How long will it take for you to pay off your friend?

a. 40 months

b. 34 months

c. 36 months

d. 33 months