Show your work 1. Having just turned 16 years old, your friend has their mind set on buying a new car by the time they turn 20 years old. They can afford to save $440 per month. They place the money into an annuity that pays 5.5% per year, compounded monthly. How much will they have to spend on a car after 4 years? 2. You can afford to invest $150 per month in an annuity that earns 4% per year, compounded monthly. How long will it take before your investment is worth $6,000? 3. You invested your summer earnings into an annuity from which you can draw expenses while you are at university. If you need to withdraw $1200 each month for 9 months of university, how much do you need to invest in an account, earning 6% per year, compounded monthly, in order to cover your expenses? 4. If $25,000 is invested into an account paying 4.5% per year, compounded bi-monthly, how much money can be withdrawn from the account every two months for the next 6 years?