please show work

To get Full credit, you must draw the time line and show your calculation. If you use a financial calculator, you should show how to enter a value into a financial calculator. 1. Today, you are retiring. You have a total of $289,416 in your retirement savings. You want to withdraw $2,500 at the beginning of every month, starting today and expect to earn 0.38 percent (monthly rate). How long will it be until you run out of money? (5 pts) 2. You have been purchasing $12,000 worth of stock annually for the past eight years and now have a portfolio valued at $87,881. What is your annual rate of return? (3 pts) 3. Your grandfather left you an inheritance that will provide an annual income for the next 20 years. You will receive the first payment one year from now in the amount of $2,500. Every year after that, the payment amount will increase by 5 percent. What is your inheritance worth to you today if you can earn 7.5 percent on your investments? (3 pts) 4. This morning, you borrowed $162,000 to buy a house. The mortgage rate is 4.35 percent (annual rate). The loan is to be repaid in equal monthly payments over 20 years with the first payment due one month from today. Assume each month is equal to 1/12 of a year and all taxes and insurance premiums are paid separately. How much of the second payment applies to the principal balance? (4 pts)