Question 1

Multi - Step Applications Solve the following problems. Round your results to the nearest cent as needed. I You receive a gift of $2000 dollars and invest it in an account earning 10% compounded monthly for 7 years. After 7 years, you decide to make additional deposits to save for retirement of $200 per month for another 22 years. How much will you have in the account after 29 years? Si l TVM Calculator Savings Annuity Applications Solve the following problems. Round your results to the nearest cent as needed. Dara is saving for a retirement by making regular semiannually payments into an IRA. She deposits payments of $80 at an interest rate of 8.2% for 19 years. Determine the total amount in her account at the end of 19 years. Dara will have a total of 5' I at the end of 19 years. dollars TVM Calculator Savings Plan Formula: APR ("n I( APR (T Use the savings plan formula to caLculate the balance after 12 months for an APR of 12% and monthly payments of 5500. Round to the nearest cent 3+ Sarah wants to have 520,000 for a new car in 7 years+ Her account earns 5% interest compounded monthLy. How much wflL she need to deposit into the account each month to meet her goal? R((1 + L)\": 1) 1'1 A = L 1'1 5 [round answer UP to the next whole penny amount . . . for example 123.25323 would become