a.Courtney wants to accumulate at least $60,000 by depositing $1,300 at the end of every month into a fund that earns interest at 6.25% compounded monthly.

i. How many deposits does he need to make to reach his goal? Round to the next payment

ii. How long will it take Courtney to reach his goal? years months Express the answer in years and months, rounded to the next payment period

b.You plan to save money for a down payment of $43,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 4.54% compounded annually. How long will it take you to save the planned amount?

years months

Express the answer in years and months, rounded to the next payment period

c.Lush Gardens Co. bought a new truck for $52,000. It paid $5,720 of this amount as a down payment and financed the balance at 4.77% compounded semi-annually. If the company makes payments of $1,700 at the end of every month, how long will it take to settle the loan?

d.Month-end payments of $1,500 are made to settle a loan of $146,500 in 9 years. What is the effective interest rate?

% Years months

e.You invested $8,500 at the end of each half-year for 6 years in an investment fund. At the end of year 6, if the balance in the fund was $118,000, what was the nominal interest rate compounded semi-annually?

%Round to two decimal places

f.Jordan's retirement fund has an accumulated amount of $40,000. If it has been earning interest at 4.93% compounded monthly for the past 17 years, calculate the size of the equal payments that he deposited at the beginning of every 3 months.

Round to the nearest cent

g.How much did Eric deposit every month in his savings account if he had $13,000 after 27 month-end deposits? The money in his savings account was growing at 3.33% compounded monthly.

Round to the nearest cent