Today, you are 20 years old with $2,000 of savings. You want to retire at the age of 55 with a monthly income of $5,000. You expect to live to 95. If you think you can earn 6%, compounded monthly, both before and after retirement, how much should you save each month for the next 35 years so that you can reach your retirement savings goal

Save $814 per month, Save $696 per month, Save $626 per month, Save $649 per month

In a world characterized by rising interest rates, many financial institutions use a stepped yield GIC (Guaranteed Investment Certificate) to make investors think they are earning a higher rate of return than they actually are. In an example from a few years ago, the bank advertised the following yields:

Year 1: 2%

Year 2: 2.5%

Year 3: 2.75%

Year 4: 3.5%

Year 5: 8.5%

What is the annually compounded rate of return from this investment?

• 3.85%, 3.82%, 4.11%, 2.75%

The rapid growth of the Coronavirus in Spring, 2020 (now referred to as Covid-19) made us realize how quickly a deadly pandemic can infect large numbers of people. The world first became aware of the outbreak in January, 2020 in Wuhan, China. Lets assume that initially 100 people were known to have become infected. In the early days of the pandemic, the number of people infected doubled every three days. Assuming that the rate of infection continued to double every three days, how many days will it take until 1,000,000 individuals have been infected (rounded to the nearest whole number)?

20 days, 40 days, 13 days, 30 days