When you retire you want to have enough money in your retirement account to generate an annual income of $120,000 per year and you expect to live for 15 years after you retire. You won't be able to put any more into the account after you retire. If the annual rate of return you expect to earn on the balance in the account is 8 percent, how much will you need to have at the time you retire? Suppose you are getting a loan from a bank to purchase a feed business. The interest rate on the loan is 6 percent, the amount of the loan is $1,000,000. The loan is for 15 years. The bank is charging you $50,000 for the loan in cash on the day of closing, what is the APR