(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 $6,000 at the end of each year into a Roth IRA for the next 46 years. If you earn 8 percent compounded annually on your investment, how much will you have when you retire in 46 years? How much will you have if you wait 10 years before beginning to save and only make 36 payments into your retirement account? How much will you have when you retire in 46 years? (Round to the nearest cent.) (Related to Checkpoint 6.1) (Annuity payments) Mr. Bill S. Preston, Esq., purchased a new house for $150,000. He paid $30,000 upfront and agreed to pay the rest over the next 30 years in 30 equal annual payments that include principal payments plus 9 percent compound interest on the unpaid balance. What will these equal payments be? a. Mr. Bill S. Preston, Esq., purchased a new house for $150,000 and paid $30,000 upfront. How much does he need to borrow to purchase the house? $ (Round to the nearest dollar.)