Using the sinking fund, complete the following. (Use Table13.1). (Do not round intermediate calculations. Round your answer to the nearest cent.)

Payment amount end of each period		Frequency of payment	Length of time	Interest rate	Required amount
$1,440		Annually	8 Years	8%	$

Patricia and Joe Payne are divorced. The divorce settlement stipulated that Joe pay $505 a month for their daughter Suzanne until she turns 18 in 3 years. Interest is 6% a year. How much must Joe set aside today to meet the settlement? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Amount

$

Bankrate.com reported on a shocking statistic: only 54% of workers participate in their companys retirement plan. This means that 46% do not. With such an uncertain future for Social Security, this can leave almost 1 in 2 individuals without proper income during retirement. Jill Collins, 20, decided she needs to have $170,000 in her retirement account upon retiring at 60. How much does she need to invest each year at 5% compounded annually to meet her goal? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

Each year investment

$