To prepare for your retirement 30 years from now, you plan to save the following amounts each month over the next 30 years: FVFA:

  

To prepare for your retirement 30 years from now, you plan to save the following amounts each month over the next 30 years: FVFA: Years 1-10 11-20 21-30 The correct PVFA for this calculation is: The interest rate is 6% APR Withdraw per month in retirement Amount $450 $420 $315 (1) Fill in the FVFA and the FV at the end of each decade in the table above. (2) After 30 years, you are ready to retire. You move your savings to safer investments, which means you expect to earn only 3% APR per year during your retirement. You expect to live for 20 more years. How much could you withdraw every month and not run out of money for your expected lifetime? FV at the end of the decade (3) Suppose it is the end of year 20 and you are considering your financial plan as shown above. You still expect to retire 10 years from now, but you think that you will need a retirement income of $3,000 per month for your expected lifetime after you retire. To meet that goal, you will have to adjust your savings in the last ten years. How much do you have to save per month over the last ten years before you retire to be able to withdraw the desired amount every month in retirement? Question 1 One month ago you purchased ABC stock for $105 per share. Today you sell the stock at a price of $107. Fill in the table below. Your one month return on this investment is The APR is The EAR is Bonus question 2 (2.5 points). You take out a 15-year $450,000 mortgage loan with a rate of 12% APR and monthly payments. In 5 years you decide to pay off the mortgage. What is the principal balance on the loan after 5 years? The monthly payment is How many payments are left when you decide to pay off the loan? The PVFA needed to solve this problem is Principal balance on the loan after 5 years is