5. Renee is saving for a trip to Australia. She wants $10 000 in 5 years. How much should Renee deposit at the end of each month into an account that pays 6.4% compounded monthly? 6. Suppose you make a deposit at the end of each month into an account that pays 7.6% compounded monthly for 7 years. The amount at the end of the 7 years is $10 000. How much do Answers: 1. a) $7153.29 c) $9639.51 2. a) $929.46 c) $3666.70 3. a) $397.29 c) $58.98 e) $53.12 4. a) $103.22 you invest? b) $5218.54 d) $10 625.56 b) $2342.60 d) $7215.02 b) $530.08 d) $189.86 f) $164.47 b) $624.63 c) Monthly option because Matt has to deposit less money 5. $141.86