53-55 4 points each

53. Assume you have $10,000 to invest in a fund at 5% interest. Show the math.

a. How much will be in the fund at the end of year 1? __________

b. How much will be in the fund at the end of year 2? __________

c. How much will be in the fund at the end of year 20? __________

54. Assume you invest $5,000 each year for 40 years. STARTING 2016. What will be the balance in your fund at 5% interest in Year 2056? Show the present value amount and math.

55. Assume you want to retire with a fund of $600,000 in a retirement fund at 10% interest in 40 years. How much should you invest in the bank today so you have $600,000 in 40 years?