PART 1: SAVING FOR RETIREMENT If you save $5,000 in your first year after graduating college and you put the money in an investment earning 8% per year, how much money will this have grown to in 30 years when you retire? Discuss how much money you would have if you saved $5,000 per year for the first 10 years after graduating college.

PART 2: RULE OF 72 There is a rule (more of a mathematical shortcut) for estimating the length of time and the required interest rate if you want to double your investment. Summarize how this rule works and also give an example identifying a situation where this rule could help you.

PART 3: CREDIT CARD INTEREST Credit cards carry a high interest rate. If you have a credit card, identify the interest rate that it carries. If you dont have a credit card, look up a credit card on the internet and identify its interest rate. This will be the rate that you will pay if you carry a month-to-month balance. Using a simple interest formula, calculate how much interest you would pay on a $3000 balance over a one year time period. Discuss whether this seems like a lot and whether it would be better to not carry a balance on your credit (spending only what you have).