Please answer using the question outline Question $3$

a$)$ Max Meyer is $59$ years old. He has always earned a good income and has always lived very well. As a

result, Max has some wonderful memories but, unfortunately, no retirement savings. Now, with six

years to go before retirement, he has vowed to "catch up$".$ Max wants to have $$225,000$ accumulated

when he starts retirement. He plans to save $$2,150$ at the END of each month until then and

estimates that he can earn $8\mathrm{.}25\%$ compounded monthly.

Will Max reach his goal in time for his planned retirement date?

How much will he have accumulated if he invests according to his plan?

Will this meet his goal? $($Move the rounded rectangle to make your selection.$)$

YES or NO

b$)$ Compute the amount that he is over or short of his goal.

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c$)$ Using the $$2,150$ monthly contribution amount, approximately how long $($in years$)$ would it take Max

to achieve the $$225,000$ goal at the $8\mathrm{.}25\%$ rate, compounded monthly?

Chapter $20$ Packet

d$)$ Assuming Max could somehow increase his rate of return, what annual rate would he need to achieve

in order to reach his goal in the original time frame of six years? $($nearest $100$th of a percent$).$

Keep on END.

What did vou comoute for $\frac{1}{Y}?$

Is I$/$Y a percentage per year, month, or day?

Annual Rate