You and your wife are investing $6,062 at the end of each year into an investment fund that earns 6% interest (compounded annually) until you have $60,000 to spend on your wedding someday.

In the space provided, answer the following:

In how many years (approximately) will the fund be at $60,000?

You decide that you dont want to wait as long as the answer you got on part a. You want to marry 5 years from now. How much would you and your wife have to invest at the end of each year into the same fund (earning 6% compounded annually) and get to the $60,000 in 5 years?

You decide that you cant afford the amount you calculated in part (b) so you go back to the original plan of investing $6,062 per year. However, you found another investment that will also earn 6% interest (compounded annually), but it requires the annual payment to be made at the beginning of each year. Based on the information given, will it take the same amount of time to reach their goal of $60,000 as what you calculated in part (a), a shorter amount of time, or a longer amount of time? Why? No need to calculate any amounts, you can support your answer qualitatively.