Question1

April would like a retirement income of $3,000 per month (beginning of month payments) for 18 years once she retires. How much must she have in her retirement account on the day she retires if the account can earn 3.6% compounded monthly? Your Answer:

Question2

Jasdeep plans to deposit $275 at the beginning of each month for 20 years. If the account 7.2% compounded monthly for the first 12 years and 6% compounded monthly thereafter, how much will be in her account at the end of the 20 years?

Question3

Harry plans to deposit $4,500 the beginning of each year into a savings account earning 2.75% compounded annually. How much will be in the account after 25 years? Rodney would like to save $44,000 over the next 15 years. How much must he deposit at the beginning of each month into his savings account if the account earns j12=4.8%? Your Answer:

Question4

Charlie has overused his credit card and now has $10,000 in debt. Using an interest rate of j12=18%, calculate how long will it take to pay off this amount if he makes payments of $400 at the beginning of each month. Express your answer in months rounded to 2 decimal places.

Question5

Hugh plans to deposit $800 at the beginning of each quarter into a savings account earning 2.75% compounded annually. How much will be in the account after 25 years? Your Answer:

Question6

Annie would like a retirement income of $4,000 per month (beginning of month payments) for 19 years once she retires. How much must she have in her retirement account on the day she retires if the account can earn 4% compounded semi-annually?

Question7

How long will it take to save $25,000 if you deposit $175 at the start of each month into an account earning j12=6%? Express your answer in months to 2 decimal places.