I'm just wondering if my answers are correct? 1. FV= 7171.63 2. FV= 563,654.00 3. FV= 26,456.40 4. FV= 361.97 5. FV= 238,587.65 and if not, where did i go wrong?

Calculating the Future Value of an Annuity EXAMPLE EXERCISES Determine the Future Value of the Annuity for each situation 1. A monthly payment of $50 at an annual rate of 3.5% for 10 years. 2. A quarterly payment of $300 at an annual rate of 4% for 25 years. 3. A semiannual payment of $450 at an annual rate of 3.75% for 20 years. 4. Shana wants to have $350000 in her retirement account in 30 years. She wants to be able to make monthly payments and expects an average annual rate of 5.8% during this time period. How much would she need to invest monthly in order have this happen? 5. Damon determines he can spare $150 per month to put into an annuity where he thinks he can work to earn an annual return of 7.5%. He is 28 today and plans to retire when he hits 60. How much can he expect the account to be worth when he retires