Solve

Q1

How much do you need to invest at 8 % interest, compounded semi-annually, in order to have $6000 in 7 years? Round your answer to the nearest cent.

Q2

$1100 is deposited at the end of each quarter into an account earning 2.8% interest, compounded quarterly.

(1) How much will you have in the account in 29 years? Round your answer to the nearest cent.

(2) How much will you have earned in interest then? Round your answer to the nearest cent.