1. Your retirement plan shows youll have $750,000 accumulated in your 401K when you retire. Assuming you want a uniform 30-year payout from this lump sum (i.e., a 30-year annuity), how much will each annuity payment be? Assume a nominal rate of 5% and Middle-of-Year cash flows. (Note: Answers rounded to nearest dollar).
2. 1. $38,997
   2. $48,789
   3. $52,787
   4. $46,041
   5. $47,613

2. You recently signed a $375,000 mortgage with a nominal APR of 3.5%, compounded monthly, which you will repay over 30 years. If you repaid this loan in annual, lump sum payments, what would your payment amount be? (Note: Answers rounded to nearest dollar).
3. 1. $20,534
   2. $1,684
   3. $1,711
   4. $20,389
   5. $23,423