You believe you will need to have saved $490,000 by the time you retire in 30 years in order to live comfortably. If the interest rate is 5% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Annual savings?

What is the value of a perpetuity that pays $100 every 6 months forever? The interest rate quoted on an APR basis is 6.2%. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Value of a perpetuity

You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, the bank also charges you a loan initiation fee of $24, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan, taking account of the impact of the initiation fee? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.)

Effective annual interest rate%?