1. You currently have $5,000 of savings. You wish to determine how much you would need to save every year (at end of year) during the next 25 years so that you have $500,000 in all your accounts at the end of year 25. Assume you earn 5% per year, compounded annually, on all your savings

2. Answer question #1 abovebut now you earn 10%, compounded annually, on all your savings.

3. Repeat your analysis assuming that the 10% interest in question 2is compounded every 6 months.

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