(Related to The Business of Life: Saving for Retirement) (Future value of an ordinary annuity) You are graduating from college at the end of this semester and after reading the The Business of Life box in this chapter, you have decided to invest $5,300 at the end of each year into a Roth IRA for the next 45 years. If you earn 6 percent compounded annually on your investment, how much will you have when you retire in 45 years? How much will you have if you wait 10 years before beginning to save and only make 35 payments into your retirement account? How much will you have when you retire in 45 years? (Round to the nearest cent.) higher return than investing in the savings account earning 11 percent? a. If Nicki could earn 11 percent on her money, what is the present value of annuity A with $7,500 payments per year and 10 years duration? (Round to the nearest cent.) (Annuity payments) To pay for your education, you've taken out $27,000 in student loans. If you make monthly payments over 13 years at 9 percent compounded monthly, how much are your monthly student loan payments? The monthly payment of your student loan is $ (Round to the nearest cent.)