3- Jeff is saving for his retirement 21 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $94.00 at the end of each year for the next 11 years. Interest is 5% compounded annually.

(a) How much money will be in his account on the date of hisretirement? (

b) How much will Jeff contribute?

(c) How much will be interest?

2- An installment contract for the purchase of a car requires payments of $217.46 at the end of each month for 3 years. Interest is 5% per annum compounded monthly.

(a) What is the amount financed?

(b) How much is the interest cost?