Problem 5-19 Future Value of Multiple Annuities (LG5-2)

Assume that you contribute $280 per month to a retirement plan for 25 years. Then you are able to increase the contribution to $560 per month for another 25 years. Given a 9.0 percent interest rate, what is the value of your retirement plan after the 50 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Future Value of Multiple Annuities =

Problem 5-41 Number of Annuity Payments (LG5-9)

Joey realizes that he has charged too much on his credit card and has racked up $5,100 in debt. If he can pay $125 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Time to pay off the debt = ? months