Quantitative Problem 1: You deposit $2,100 into an account that pays 3% per year. Your plan is to withdraw this amount at the end of 5 years to use for a down payment on a new car. How much will you be able to withdraw at the end of 5 years? Do not round intermediate calculations. Round your answer to the nearest cent.

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Quantitative Problem 2: Today, you invest a lump sum amount in an equity fund that provides an 8% annual return. You would like to have $10,700 in 6 years to help with a down payment for a home. How much do you need to deposit today to reach your $10,700 goal? Do not round intermediate calculations. Round your answer to the nearest cent.

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Quantitative Problem 3: You and your wife are making plans for retirement. You plan on living 30 years after you retire and would like to have $95,000 annually on which to live. Your first withdrawal will be made one year after you retire and you anticipate that your retirement account will earn 12% annually.

1. What amount do you need in your retirement account the day you retire? Do not round intermediate calculations. Round your answer to the nearest cent.

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2. Assume that your first withdrawal will be made the day you retire. Under this assumption, what amount do you now need in your retirement account the day you retire? Do not round intermediate calculations. Round your answer to the nearest cent.

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