Tolerance: Be careful with rounding and do not round until you arrive at the final answer. Answer tolerance is 1 at the last digit based on the decimal place accuracy required by that question. For example, if a question asks you to round to the nearest cent (two decimal places) and the correct is $1,235.06, answers within 0.01 ($1,235.05 to $1,235.07) will count as correct. As another example, if a question asks you to round a percent answer to one decimal place and the correct answer is 4.6%, answers within 0.1% (4.5% to 4.7%) will count as correct.

11 and 12

You have $132,000 in an account today paying 3.1% interest. What are the monthly withdrawals you can make out of this account so that it lasts you exactly 12 years? Round to the nearest dollar.

In 23 years, you would like to have a retirement nest egg of $2.2 million. Assuming your savings earn 4.6%, how much should you save at the end of each year in order to reach your goal in 23 years? Round to the nearest whole dollar.