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Problem 2 - TOTAL 20 points You decide to start saving for your retirement. You...

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Problem 2 - TOTAL 20 points You decide to start saving for your retirement. You open a savings account in USD with an interest of 3% per annum. Over the next 30 years, at the end of each year, you deposit $1000 into your account. a) How much money will you have in your savings account after 30 years? (5 points) b) How much money will you have in your savings account after 30 years if instead you deposit $1000 at the beginning of each year? (5 points) c) After 30 years you want to withdraw $12 000 each year over the next 20 years. How much you need to deposit each year in years 1 - 30 to achieve this goal? (5 points) d) Explain difference between simple and compound interest using simple numerical example (5 points)

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