9. A college professor is looking to retire in 30 years with $1,000,000. Currently, she has no savings. She believes she can earn 7% on money she saves during this time. Is she starts now, how much will she need to have saved at the end of each to reach her goal?

a) $11448.65

b) $10586.40

c) $11327.45

d) $9839.83

e) $33,333.33

10. A zero coupon bond with a face value of $1000 is for sale on the market. If the bond matures in 5 years and the current interest rate is 2%. What is the most you should pay for the bond?

a) $905.73

b) $923.84

c) $887.97

d) $1000

e) $883.85