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1. You deposit $3000 each year into an account earning 7% interest compounded annually. How much...

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Advance Math

1. You deposit $3000 each year into an account earning 7%interest compounded annually. How much will you have in the accountin 25 years?

2. Suppose you want to have $600,000 for retirement in 25 years.Your account earns 7% interest.

a) How much would you need to deposit in the account eachmonth?

b) How much interest will you earn?

3. You have $400,000 saved for retirement. Your account earns 7%interest. How much will you be able to pull out each month, if youwant to be able to take withdrawals for 15 years?

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