WORD PROBLEMS $($Use Tables in the Business Math Handbook$)$

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My Money

$13-11.$ John Regan, an employee at Home Depot, made deposits of $$800$ at the end of each year for $4$ years. Interest is $4\%$ compounded annually. What is the value of Regan's annuity at the end of $4$ years? $LU13-1(2)$

$13-12.$ Suze Orman wants to pay $$1,500$ semiannually to her granddaughter for $10$ years for helping her around the house. If Suze can invest money at $6\%$ compounded quarterly, how much must she invest today to meet this goal? LU $13-2(1)$

$13-13.$ Financial analysts recommend investing $15\%$ to $20\%$ of your annual income in your retirement fund to reach a replacement rate of $70\%$ of your income by age $65.$ This recommendation increases to almost $30\%$ if you start investing at $45$ years old. Mallori Rouse is $25$ years old and has started investing $$3,000$ at the end of each year in her retirement account. How much will her account be worth in $20$ years at $8\%$ interest compounded annually? How much will it be worth in $30$ years? What about at $40$ years? How much will it be worth in $50$ years? Round to the nearest dollar. $LU13-1(2)$

$13-14.$ After paying off a car loan or credit card, don't remove this amount from your budget. Instead, invest in your future by applying some of it to your retirement account. How much would $$450$ invested at the end of each quarter be worth in $10$ years at $4\%$ interest? $($Use the Business Math Handbook tables.$)$ LU $13-1(2)$

$13-15.$ You decide to reduce the amount you spend eating out by $$150$ a month and invest the total saved at the end of each year in your retirement account. How much will the account be worth at $5\%$ in $15$ years? LU $13-1(2)$

$13-16.$ Rob Herndon, an accountant with Southwest Airlines, wants to retire $50\%$ of Southwest Airlines bonds by $2038.$ Calculate the payment Rob needs to make at the end of each year at $6\%$ compounded annually to reach his goal of paying off $$300,000$ in $20$ years. $LU13-1(2)$Only the odd problems

$13-17.$ Josef Company borrowed money that must be repaid in $20$ years. The company wants to make sure the loan will be repaid at the end of year $20,$ so it invests $$12,500$ at the end of each year at $12\%$ interest compounded annually. What was the amount of the original loan? $LU13-1(2)$How to solve