Question: 1. How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the

1. How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the account earns 5% interest compounded monthly.

2. You currently have $7,700 (Present Value) in an account that has an interest rate of 3% per year compounded quarterly (4 times per year). You want to withdraw all your money when it reaches $18,480 (Future Value). In how many years will you be able to withdraw all your money?

3. Suppose you want to have $500,000 for retirement in 35 years. Your account earns 10% interest. How much would you need to deposit in the account each month?

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