Once college is completed, you start to look to the future especially if you are interested in starting a family or retiring. In this section, we will delve into those idea further. 13.) You have a child and decide to open an investment account to help them 1 point pay for college. You want to open a lump sum investment at the time of their birth for them to have $50,000 upon their 18th birthday. How much would you need to invest if you found an account that earns 7% compounded annually? 14793.20 14.) How much would the same college savings account, from the previous 1 point question, have in it if you instead chose to invest $500 every year on their birthday until they finished college at the age of 22? 2219.97 15.) Your job offers retirement savings plan to match your investments into 1 point an account, up to 5% of your gross monthly income. This account earns 5.7% compounded monthly. If you start using the company retirement plan and choose to use the 5% of your income for retirement when you are hired (at 22) but stop adding money to the account after three years, how much money will be in the account when you retire (at 65)? The account continues to use the same information as when you were putting money in. Your answer 16.) Suppose you open an IRA with your first contribution from your previous 1 point account (minus the company contribution) as your opening balance. The account has an interest rate of 6%, compounded monthly. Assuming you retire at 65, and assuming you contribute the same amount each month, how much will you have in your account when you retire? Your answer