Question 4

a) You want to be able to withdraw $45,000 from your account each year for 15 years after you retire. You expect to retire in 25 years. If your account earns 10% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?

b) A company needs $5,000,000 in 12 years in order to expand their factory. How much should the company invest each week if the investment earns a rate of 4% compounded weekly?