I need explanations on why the answer is correct. If a question requires a numerical answer, provide a formula that helps to solve it.

Fundamental Problems with Worked Solutions 1. You invest $1,000 in a retirement account that earns 5 percent annually. How much will be in the account after twenty years? 2. Every year you invest $1,000 in a retirement account that earns 5 percent annually. How much will be the account after twenty years? 3. After accumulating $33,066 in your retirement account, how much may you withdraw annually for twenty years if you earn 4 percent? If you could earn 8 percent how much more could you withdraw each year? 4. After accumulating $33,066 in your account, how many years may you withdraw $5,000 if you earn 4 percent? If you could earn 8 percent, how many additional years could you withdraw funds? 5. A corporate debt instrument promises to pay you $50 a year for five years and $1,000 at the end of five years. What is the maximum you would pay if interest rates are 8 percent? 6. You have $10,000 to invest. Alternative A offers you $12,400 after one year but alternative B offers you $15,609 after three years. Which alternative offers you the higher return