MATH 101 Practice for Systematle uclng 1. In 5 years, you would like to have $20,000 saved for a new car. Your plan is to put monthly payments into an account paying 5% interest compounded monthly, what monthly payments will you need to reach your goal? a) What is the total amount you will pay into this account? b) What is the total amount of interest you will receive? 3. Let's establish a retirement savings plan so that you save $200,000 by the time YOU are 65. How much money should you put away each month? (Assume 55% compounded mon ASSUME 3b. How much money will you invest in this plan? 3c. How much interest will you earn? 3d. I'm not going to start saving until I'm 40. How much will I need to deposit each month? 3e. How much money will I spend? 3f. How much interest will I earn? 4. After 20 years, which will contain more money-a CD (at 5% compounded monthly) that you start with 5000 and don't touch or a systematic savings plan (5% compounded monthly) where you deposit S60 each month? Show your Work. How much will you spend for each plan? How much interest will you earn