MIDTERM $1$ STUDY GUIDE

$1.$ An engineer deposits $$2,000$ per month for four years at a rate of $24\%$ per year, compounded semiannually.

How much will he be able to withdraw $10$ years after his last deposit $?$

$2.$ In order to have money available for replacing their family vehicle, a couple planned to have $$220,000$ available

in $10$ years by investing in a global mutual fund. If they plan to increase their savings by $10\%$ each year, how

much must they invest in year $1$ if they expect to earn $10\%$ per year on their investments?