Use the TVM Solver for the following problems.

1. When Erica was born, her parents opened an education savings plan. They deposit $100 at the end of each month into an account that earns 8%/a, compounded monthly. Find the account balance on Erica's 18th birthday. How much interest is earned in total?
2. Mrs. Shaw takes out a $180 000 mortgage on a new house. The interest rate is 6.4%/a, compounded semi-annually.

If she makes monthly payments of $1200.00, how long will it take to pay off the mortgage? How much interest is paid over the life of the mortgage?

3.How much interest would Mrs. Shaw save over the life of the mortgage if she made accelerated bi-weekly payments of $600.00?

4.Karen would like to save some money each month so that she can retire at age 55. Her money earns an interest rate of 6.5% /a, compounded monthly.

How much money does Karen need to deposit each month to accumulate $1 000 000 by age 55 if she starts saving when she is 25 years old?

5.What would Karen's monthly deposits be if she didn't start saving until age 35?