You have accumulated some money for your retirement. You are going to withdraw $63,254 every year at the end of the year for the next 29 years. How much money have you accumulated for your retirement? Your account pays you 15.38 percent per year, compounded annually. To answer this question, you have to find the present value of these cash flows.

Round the answer to two decimal places.

9. 22 years ago, Marias annual salary was $37,153. Today, she earns $87,010. What was the average annual growth rate of Maria's salary?

Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)

10. For the next 11 years, you decide to place $2,722 in equal year-end deposits into a savings account earning 7.66 percent per year. How much money will be in the account at the end of that time period?

Round the answer to two decimal places.

11. To what amount will the following investment accumulate? $8,680, invested today for 12 years at 4 percent, compounded annually.

Round the answer to two decimal places.

12. What is the present value of a $169 perpetuity discounted back to the present at 4.00 percent.

The answer should be calculated to decimal places.

Your Answer:

13. What is the present value of the following annuity? $3,313 every quarter year at the end of the quarter for the next 13 years, discounted back to the present at 7.83 percent per year, compounded quarterly?

Round the answer to two decimal places.

Your Answer:

14. You are considering an investment that has a nominal annual interest rate of 6.08 percent, compounded semiannually. Therefore, the effective annual rate, or EAR (annual percentage yield) is _____.

Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)

Your Answer:

15. You plan to buy the house of your dreams in 16 years. You have estimated that the price of the house will be $115,559 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 4.58 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?

Round the answer to two decimal places.

Your Answer: