You take out a 30 year mortgage for $500,000 at 5%. You plan to pay off the mortgage in full after making your 60th monthly mortgage payment. What is the amount of principal left on the mortgage after the 60th monthly payment? Assume normal amortization.

You are planning to retire today. How much do you need to deposit into an investment account today in order to withdraw $10,000 per year for 20 years? Assume a 5% simple annual interest rate and a $0 balance at the end of 20 years.

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