Suppose you want to have $400,000 for retirement in 30 years. Your account earns 5% interest.

a) How much would you need to deposit in the account each month?

b) How much interest will you earn?

You deposit $2000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 35 years?

A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $70,000 saved up for when she goes to college in 18 years, assuming the account earns a 8% return.

Annual deposit: $

A company has a $190,000 note due in 3 years. How much should be deposited at the end of each quarter in a sinking fund to pay off the note in 3 years if the interest rate is 12% compounded quarterly?

A firm needs to replace most of its machinery in 6 years at a cost of $570,000. The company wishes to make a sinking fund to have this money available in 6 years. How much should the monthly deposits be if the fund earns 10% compounded monthly?

You deposit $400 each month into an account earning 6% interest compounded monthly.

a) How much will you have in the account in 20 years?

b) How much total money will you put into the account?

c) How much total interest will you earn?