Question: 1 (Do not round intermediate calculations. Round the final answers to 2 decimal places. Only put numbers in the boxes. DO NOT include units. $.

1 (Do not round intermediate calculations. Round the final answers to

1 (Do not round intermediate calculations. Round the final answers to 2 decimal places. Only put numbers in the boxes. DO NOT include units. $. X %, etc in your answers.) You estimate that you will need $2200 per month out of your retirement account for the next 21 years after you retire. Assume the account pays 6% with monthly compounding. 10 points 1. How much do you need in your account when you retire? Answer: $ 314799.77 8 00:51:13 eBook 2. You plan to retire 12 years from now. The company you work for will deposit $400 at the end of each month into your retirement account from now until your retirement. Interest is 6% compounded monthly 1) What will be the value of your company's deposits in your retirement account when you retire? Answer: $ 84060.07 2) In addition to your company's deposits, how much do you need to put into your retirement account each month from now until your retirement to make sure you will have enough money at retirement? Assume all deposits are made at the end of each month. Answer: $

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