1) You wish to accumulate $100,000 through monthly payments of$100. If you can earn interest at an annual rate of 4% compoundedmonthly, how long (to the nearest year) will it take to accomplishyour goal?
________Â Â yr
2)Alonzo plans to retire as soon as he has accumulated $250,000through quarterly payments of $3,500. If Alonzo invests this moneyat 5.4% interest, compounded quarterly, how long (to the nearestyear) until can he retire?
_____ year
3) Your pension plan is an annuity with a guaranteed return of4% per year (compounded quarterly). You can afford to put $1,700per quarter into the fund, and you will work for 40 years beforeretiring. After you retire, you will be paid a quarterly pensionbased on a 25-year payout. How much will you receive each quarter?(Round your answer to the nearest cent.)
$ _______
4). You wish to accumulate $100,000 through monthly payments of$100. If you can earn interest at an annual rate of 4% compoundedmonthly, how long (to the nearest year) will it take to accomplishyour goal?
_________ yr
5) Alonzo plans to retire as soon as he has accumulated $250,000through quarterly payments of $3,500. If Alonzo invests this moneyat 5.4% interest, compounded quarterly, how long (to the nearestyear) until can he retire?
________ yr
PLEASE help ! GBU
