You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.

Use this information to answer questions 7-9 below.

If your monthly payments are $195, how much will you have in your retirement fund after 40 years?

$ . Round to the nearest dollar.

Use the Saving for Retirement information above to answer this question.

Suppose you want to use this fund to buy a $289,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal?

$ . Round to the nearest dollar.

Use the Saving for Retirement information above to answer this question.

You decide to deposit $250 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $400,000. How many months will you need to make payments before you can retire?

months. Round to the nearest month.