Question: You want to quit your job and go back to school for a law degree 4 years from now, and you plan to save $3,

You want to quit your job and go back to school for a law degree 4 years from now, and you plan to save $3, 500 per year. You will make 4 deposits, beginning immediately, in an account that pays 5.7% interest, compounded annually. Under these assumptions, how much will you have in your account (rounded to the nearest $1)4 years from today? Select one $16, 918 $18, 652 $17, 763 $16, 112 Your aunt is about to retire, and she wants to sell some of her stock and buy an annuity that will provide her with income of $50,000 per year for 30 years, with the first payment occurring one year from today. The annual interest rate on such annuities is 7.25%. compounded annually. How much would it cost her (rounded to the nearest $1) to buy such an annuity today? Select one $667, 214 $635, 442 $574, 924 $605, 183

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