Question: You are trying to save for a down payment on a house, so you deposited $803 every 3 months for 4 years into an account

You are trying to save for a down payment on a house, so you deposited $803 every 3 months for 4 years into an account paying 4.00% compounded semi-annually. After 4 years, how much money did you have in the account?

Jack is planning to retire. He is going to invest a large sum of money right now, so that he can withdraw $50481 every year for the next 22 years. After 22 years, his account will be empty. The rate of interest on his investment account is 8.58% compounded daily. How much interest will be earned in total over the 22 years? (Hint: Before you can determine the interest, you will need to find out how much money Jack is investing right now.)

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