1.You feel that you will need $2.6 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.6 percent compounded monthly and plan to save $365 per month until you reach your goal. How many years will it be until you reach your goal and retire?

Multiple Choice

• 49.47 years

• 39.40 years

• 41.27 years

• 36.37 years

• 33.77 years

2.You have just purchased a car and, to fund the purchase, you borrowed $26,000. If your monthly payments are $492.18 for the next 5 years, what is the APR of the loan?

Multiple Choice

• 5.29%

• 5.13%

• 5.86%

• 4.40%

• 4.73%