Consider the two savings plans below. Compare the balances in each plan after 6 years Which person deposited more money in the plan? Which of the two investment strategies is better? Yolanda deposits $550 per month in an account with an APR of 3%, while Zach deposits $7000 at the end of each year in an account with an APR of 3.5% The balance in Yolanda's saving plan after 6 years was $ (Round the final answer to the nearest cent as needed Round all intermediate values to seven decimal places as needed.) Suppose someone wants to accumulate $70,000 for a college fund over the next 15 years Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same The person deposits $180 per month into an account with an APR of 7%. Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed.) O A. No, because the amount that will be in the college fund, s, is less than the goal of $70,000 B. Yes, because the amount that will be in the college fund, $ is more than the goal of $70,000 Mitch and Bill are both age 75. When Mitch was 24 years old, he began depositing $1100 per year into a savings account. He made deposits for the first 10 years, at which point he was forced to stop making deposits However, he left his money in the account, where it continued to earn interest for the next 41 years Bill didn't start saving until he was 46 years old, but for the next 29 years he made annual deposits of $1100 Assume that both accounts earned an average annual return of 5% (compounded once a year) Complete parts (a) through (d) below. a How much money does Mitch have in his account at age 75? At age 75. Mitch has $ in his account (Round to the nearest cent as needed.) Decide whether the following statement makes sense (or is clearly true) or does not make sense (or is clearly false). Explain your reasoning. If interest rates stay at 5% APR and I continue to make my monthly $25 deposits into my retirement plan, I should have at least $40,000 saved when I retire in 20 years The statement because I will have s in my retirement account when I retire in 20 years (Round to the nearest cent as needed) Suppose you are 25 years old and would like to retire at age 60 Furthermore, you would like to have a retirement fund from which you can draw an income of $125,000 per year-foreverl How much would you need to deposit each month to do this? Assume a constant APR of 6% and that the compounding and payment periods are the same To draw $125,000 per year, there must be in your savings account when you retire (Do not round until the final answer. Then round to the nearest integer as needed)