1. You invest $1,031.00 at the beginning of every year and your friend invests $1,031.00 at the...
Question:
1. You invest $1,031.00 at the beginning of every year and your friend invests $1,031.00 at the end of every year. If you both earn an annual rate of return of 14.32%, how much more money will you have after 13.0 years?
2. You currently have $3,856.00 in a retirement Savings account that earns an annual return of 9.21%. You want to retire in 48.0 years with 1,000,000. How much more do you need to Save at the end of every year to reach your retirement goal?
3. You currently owe $3,543.00 of your credit card that charges an annual interest rate of 1.95%. You make $115.00 of new charges every month and make a payment of $178.00 every month. What will your credit card balance be in three months?
4. You would like to retire in 38.0 years. The expected rate of inflation is 2.04% per year. You currently have a standard of living that requires $9,200.00 of monthly expenses. Assuming you want to maintain the Same standard of living in retirement, what are your monthly expenses expected to be the first year of retirement?
When inputting an answer, round your answer to the nearest 2 decimal places. If you need to use a calculated number for further calculations, DO NOT round until after all calculations have been completed. For the final answer, Round to 2 decimal places.