3. A developer sells a small lot that he had owned for $160,000. He deposited the money into an account that pays 4.2% compounded quarterly. In five years, he plans to use the money in the account to pay off a debt. How much money will he have? 4. How much money would you have to deposit in an account today in order to have $22,500 in the account in 12 years? The account pays interest at 7.5% compounded annually. 5. You want to retire in 38 years. How much money would you have if you deposit $425 monthly into your 401k retirement account that pays 9.64% compounded monthly