6. A recent college graduate wants to start saving for his/her retirement fund. If $100 is invested each month for 40 years and the investment earns 6% compounded monthly, what will the balance in the retirement fund after 40 years? 7. A recent college grad wants to accumulate $1,000,000 in retirement funds at the end of 45 years. If the investor is earning 9% compounded monthly, how much needs to be saved every month? Assume deposits are made at the end of each period. 8. You are looking at two separate investments. One offers you cash flow of $500 each year (at the end of the year) for 3 years. The other offers you a sum of $1,600 at the end of three years. If you can earn 7.5% on investments of a similar risk, which investment would you choose and why? 9. You buy a mutual fund for $1,000. You receive annual distributions of $80 each year and sell the mutual fund for $1,150 at the end of six years, what is the annualized return on this investment? (Assume the distributions are made at the end of each year.)