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1. Problem One: As part of your retirement planning, you plan to save $750 on...

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1. Problem One: As part of your retirement planning, you plan to save $750 on a monthly basis in an interest-bearing account with an annual interest rate of 4.25%. (a) If you plan to retire in 30 years, how much money will you have then for retirement assuming monthly compounding? (b) If you decide to reinvest your funds at maturity for an additional 6 years, under daily compounding and an annual interest rate of 2.25%, how much money will you have at the end of the reinvestment process? (3 Points). 2. Problem Two: With the goal of starting your own business, you plan to save $5,250 on a semi-annual basis in an interest-bearing account with an annual interest rate of 3.25%. (a) If you plan to starting your own business in 7 years, how much money will you have then assuming semi-annual compounding? (b) if you decide to reinvest your funds at maturity for an additional 3 years, under monthly, and an annual interest rate of 2.75%, how much money will you have at the end of the reinvestment process? (3 points)

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