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Annuity will be the topic for these questions. Please help!! Andrea, a self-employed individual, wishes to accumulate a retirement fund of $450,000. How much should
Annuity will be the topic for these questions. Please help!!
Andrea, a self-employed individual, wishes to accumulate a retirement fund of $450,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 9.5%/year compounded monthly, to reach her goal upon retirement 35 years from now? (Round your answer to the nearest cent.) $ ______ A corporation creates a sinking fund in order to have $520,000 to replace some machinery in 10 years. How much should be placed in this account at the end of each week if the annual interest rate is 4.3% compounded weekly? (Round your answers to the nearest cent.) $ ______ How much interest would they earn over the life of the account? $ ______ Determine the value of the fund after 2, 4, and 6 years. 2 years $ _____ 4 years $ _____ 6 years $ _____Step by Step Solution
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