1. You want to receive $5,000 per month in retirement. If you can earn .75% per month and you expect to need the income for 25 years, how much do you need to have in your account at retirement?
2. You want to receive $5,000 per month for the next 5 years. What monthly rate would you need to earn if you only have $200,000 to deposit?
3. You are saving for a new car and plan to put $3,000 per year in an account paying 7%. The first deposit is made today. How much will you have at the end of 5 years?