ASSIGNMENT #5: Introduction to Financial Mathematics II (1) Ms. Woodmaker sets up an individual retirement account (IRA) with a local bank that guarantees an annual rate of 7.2% compounded annually. She starts the account at age 30 and retires at age 65. (a) If Ms. Woodmaker plans to put $2000 into the account each year, what amount will have accumulated in the account? Also calculate how much total interest she will earn. (b) If Ms. Woodmaker wants to have $500,000 at age 65, how much should she put into the account annually? (2) Jennifer's $20,000 student loan needs to be repaid in the following six years. The interest charged on the loan is 3.6% compounded monthly () How much does Jennifer need to pay each month? (b) What is the balance after two years of payments? (c) Upon paying off the whole loan, how much would Jen- nifer pay for the interest out of her pocket