Q1) You invest $2,655 at the beginning of every year and your friend invests $2,655 at the end of every year. If you both earn an annual rate of return of 09.00%. a) how much will you have in your account after 13 years? b) How much will your friend have in his account? Q2) You currently have $1,586 in a retirement savings account that earns an annual return of 08.00%. You want to retire in 45 years with $1,000,000. How much more do you need to save at the end of every year to reach your retirement goal? Q3) You currently owe $2,398 to your credit card that charges an annual interest rate of 18.00%. You make $107 of new charges every month and make a payment of $160 every month. What will your credit card balance be in three months? Q4) You would like to retire in 20 years. The expected rate of inflation is 05.00% per year. You currently have a standard of living that requires $7,998 of monthly expenses. Assuming you want to maintain the same standard of living in retirement, what are your monthly expenses expected to be the first year of retirement? 5 5 Q5) You purchases a house for $257,505. You made a down payment of $20,000 and the remainder of the purchase price was financed with a mortgage loan. The mortgage loan is a 30 year mortgage with an annual interest rate of 08.00%. Mortgage payments are made monthly. What is the monthly amount of your mortgage payment? 7