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1. Mildred is saving for her retirement. She wants to have enough saved by her...

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Finance

1. Mildred is saving for her retirement. She wants to have enough saved by her sixtyfifth birthday so that she can make withdrawals of $10,000 each year, beginning on that birthday and continuing on until she makes her last withdrawal on her seventyfifth birthday, after which the balance in the account will be zero. How much must Mildred have in the account on her sixtyfifth birthday if the account pays 4% interest, compounded annually?

2. If you deposit $100 in an account that pays 5% interest, compounded monthly, what will be the balance in the account at the end of 10 years if you make no withdrawals?

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