Meg's pension plan is an annuity with a guaranteed return of4%per year (compounded quarterly). She would like to retire with a pension of$50,000per quarter for25years. If she works41years before retiring, how much money must she and her employer deposit each quarter? HINT [See Example 5.] (Round your answer to the nearest cent.)

$

11./7.14 pointsWaneFMAC6 2.3.045.My Notes

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Your pension plan is an annuity with a guaranteed return of 4% per year (compounded quarterly). You can afford to put$1,900per quarter into the fund, and you will work for 40 years before retiring. After you retire, you will be paid a quarterly pension based on a 25-year payout. How much will you receive each quarter? (Round your answer to the nearest cent.)

$

12./7.14 pointsWaneFMAC6 2.3.055.My Notes

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You wish to accumulate $100,000 through monthly payments of$900. If you can earn interest at an annual rate of 4% compounded monthly, how long (to the nearest year) will it take to accomplish your goal?

yr

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Alonzo plans to retire as soon as he has accumulated $250,000 through quarterly payments of$3,000. If Alonzo invests this money at 5.4% interest, compounded quarterly, how long (to the nearest year) until can he retire?

yr

14./7.18 pointsWaneFMAC6 2.3.057.My Notes

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You have a$9,000credit card debt, and you plan to pay it off through monthly payments of$225. If you are being charged 15% interest per year, how long (to the nearest 0.5 years) will it take you to repay your debt?

yr