The Reliance Volunteer Fire Company wants to take advantage of a state program to save money to purchase a new fire truck. The truck will cost $360,000, and members of the finance committee estimate that with community and state contributions, they can save $4,500 per month in an ordinary annuity paying 10.5% annual interest. How long will it take to save for the truck? It will take months to save for the truck. (Round up to the nearest month.) Sarafina is making monthly payments into an annuity. She wants to have $900 in the fund to buy a new convection range in three months, and the account pays 9.6% annual interest. What are her monthly payments to the account? ... To have $900 in the fund in three months, her monthly payments must be $ (Round up to the nearest cent.) Kanye wants to save $16,000 in 8 years by making monthly payments into an ordinary annuity for a down payment on a condominium at the shore. If the annuity pays 0.6% monthly interest, what will his monthly payment be? His monthly payment will be $ . (Round up to the nearest cent.) ... Suppose a woman has decided to retire as soon as she has saved $900,000. Her plan is to put $850 each month into an ordinary annuity that pays an annual interest rate of 2.4%. In how many years will she be able to retire? She will be able to retire in approximately (Round to the nearest year as needed.) years. Suppose a woman has decided to retire as soon as she has saved $800,000. Her plan is to put $250 each month into an ordinary annuity that pays an annual interest rate of 3.9%. In how many years will she be able to retire? She will be able to retire in approximately years. (Round to the nearest year as needed.) ... Wendy has set up an ordinary annuity to save for a retirement home in 11 years. If her monthly payments are $600 and the annuity has an annual interest rate of 5.8%, what will be the value of the annuity when she retires? The value of Wendy's annuity when she retires will be $ (Round to the nearest cent as needed.) ... Kristy Joe deposits $110 each month in an ordinary annuity to save for a new car. If the annuity pays a monthly interest rate of 0.61%, how much will she be able to save in 5 years? Assume that the compounding is being done monthly. She will be able to save $ 6700 in 5 years. (Round to the nearest cent as needed.) ... Use the formula for the future value of an ordinary annuity to solve for n when A = $7,500, the monthly payment R=$550, and the annual interest rate r = 7.0%. A = R- n = 10 (Round up to the nearest integer as needed.) 1 + n -1 m 3|- m Find the value of the ordinary annuity at the end of the indicated time period. The payment R, frequency of deposits m (which is the same as the frequency of compounding), annual interest rate r, and time t are given below. Amount, $700; monthly; 9%; 3 years The future value of the given annuity is $ (Round to the nearest cent as needed.) Use the formula for the future value of an ordinary annuity to solve for n when A = $10,000, the monthly payment R=$250, and the annual interest rate r = 6.5%. n = (Round up to the nearest integer as needed.) A = R 1 + m 3|- n 1