For all questions in this section:

Sam opens an account to begin saving for his retirement. The account pays $8\%$ per year compounded monthly. For the next $30$ years he deposits $$300$ per month into the account, with all deposits occurring at the end of the month. After retiring $($after the last deposit$),$ as a benefit to retirees, the bank increases the interest rate to $12\%$ per year compounded quarterly. Two full years after making his final deposit, Sam decides to take equal quarterly withdrawals from the account.

Question $3(0\mathrm{.}1$ points$)$

Saved

The appropriate period interest rate to use to determine the future amount immediately after the last $$300$ deposit has been made is

Question $3$ options:

$3\%$

$8\%$

$0\mathrm{.}00667\%$

$12\%$

$0\mathrm{.}6667\%$

$1\%$

Question $4(0\mathrm{.}1$ points$)$

Saved

To calculate the balance of the account immediately after the last monthly deposit, what factor notation would be used?

Question $4$ options:

$($F$\backslash$A $0\mathrm{.}6667\%,360)$

$($F$\backslash$A $8\%,360)$

$($F$\backslash$A $8\%,30)$

$($F$\backslash$A $0\mathrm{.}6667\%,30)$

Question $5(0\mathrm{.}2$ points$)$

Saved

And what value would be calculated using the appropriate factor notation and period interest rate $($what is the balance of the account immediately after the last monthly deposit$)?$

Question $5$ options:

$$433,000$

$$300,000$

$$447,000$

$$459,000$

Question $6(0\mathrm{.}2$ points$)$

Saved

The balance of the account one quarter before the first quarterly withdrawal is equal to $$549,884\mathrm{.}51($make sure you know how this value was calculated$).$ Based on this amount, what uniform quarterly amount can be withdrawn for $15$ years where with the last withdrawal the account is depleted?

Question $6$ options:

$$18,865$

$$16,365$

$$21,165$

$$19,865$