b)

a) How much should you deposit in your saving account monthly if you want to have 2 million dollars by the time you retire in 40 years from now. Assume an annual interest rate of 4.5% compounded monthly. a) $149.26 b) You want to but a Ford F150 lighting. The cheapest model cost $51,974. You can make a paymen of 5000$ at purchase but need to finance the rest of the purchase. The figure below gives you the interest rates for the car purchase compounded monthly depending on the loan duration. Calculate the monthly payment if you finance the vehicle for I. 3 years II. 5 years