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3. Bill plans to fund his individual retirement account (IRA) with the maximum contribution of $2,500 at the end of each year for the next

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3. Bill plans to fund his individual retirement account (IRA) with the maximum contribution of $2,500 at the end of each year for the next 20 years. If Bill can earn 11 percent on his contributions, how much will he have at the end of the twentieth year? 4. To complete your last year in business school and then go through law school, you will need $10,000 per year for 4 years, starting next year (that is you will need to withdraw the first $10,000 one year from today). Your rich uncle offers to put you through school, and he will deposit in a bank paying 6% interest a sum of mondey that is sufficient to provide the 4 payments of $10,000 each. His deposit will be made today. How large must the deposit be? b. How much will be in the account immediately after you make the first withdrawal? After the last withdrawal

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