3. You have recently opened a retirement account and decided to deposit $3,000 a year in the account. If you want to retire in 45 years and the account earns 8 percent interest, how much will you have in your account when you retire? 4. The Smith Company borrowed $60,000 from a local bank on January 1, 2019 at an interest rate of 6 percent that will be repaid in full at the end of the three-year term. Prepare all of the transactions the company would record i a tabular analysis related to the loan. 5. If you are able to earn 4 percent interest, what amount would you need to invest to have $1,950 two years from now? 6. You plan to finance the purchase of a new house with a bank loan of $425,000; the terms of the loan include an interest rate of 4 percent and a 30-year term with annual payments. How much interest will you pay over the life of the loan

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