Instructions and expectations: 1. Complete Parts 1, 2, and 3 of the project as described....
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Instructions and expectations: 1. Complete Parts 1, 2, and 3 of the project as described. 2. Clearly show all the calculations and final answers for each problem in the space provided. Label all answers with the $ symbol. Round all answers to the nearest cent. Draw a box around final answers. 3. Remember to put your name on the front page of your project. Part 1 Ben hopes to retire at the age of 65 and plans to live to be 95 years old. He wants to open a retirement account that will pay him $2,600 a month. Ben finds an account that earns interest at 8% compounded monthly a) How much will Ben need in his account at the beginning of his retirement? b) If Ben is currently 28 years old, what should his monthly deposits into the account be?! 2/4 c) What is the total that Ben will deposit? Total deposits = monthly deposit x total number of deposits d) What is the total that Ben will withdraw if he lives to be 95? Total withdrawals = monthly withdrawal x total number of withdrawals e) If Ben had started his account at 36 instead of 28, what would his monthly deposits have been? 02 swers: Part 1 2OZ (59 ML) Vettoyan a) $354,337.08 b) $130.44 c) $57,915.36 those are the answers just show the work d) $936,000. e) $259.66
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