Saving for Retirement

You decide to make monthly payments into a retirement fund earning $4\mathrm{.}75\%$ compounded

monthly. Note: Payments are made at the end of each period.

Use this information to answer questions $7-9$ below.

Question $7$

Use the Saving for Retirement information above to answer this question.

If your monthly payments are $$113,$ how much will you have in your retirement fund after $40$

years?

Question $8$

Use the Saving for Retirement information above to answer this question.

Suppose you want to use this fund to buy a $$447,000$ houseboat when you retire in $40$ years.

How much do you need to deposit each month in order to achieve this goal?

Question $9$

Use the Saving for Retirement information above to answer this question.

You decide to deposit $$190$ each month into the retirement fund, and retire when you can

afford to buy your dream boat, which costs $$328,000.$ How many months will you need to

make payments before you can retire?

months. Round to the nearest month.