You're trying to save to buy a new $68,000 sports car. Currently, you have saved $36,840...

 

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You're trying to save to buy a new $68,000 sports car. Currently, you have saved $36,840 which is invested at 4.9 percent annually compounded interest. How many years will it be before you purchase the car, assuming the price of the car remains constant? D Check Background Jenna is currently 20 years old and is planning for her retirement. She plans to retire at age 55, and receive an annual benefit payment (pension) of $100,000 for the following 25 years, i.e., until she is 80. If she wants her contributions over the next 35 years to grow at a rate of 5% per year, what must her first contribution (occurring one year from today) be? Assume a constant interest rate of 8%. You're trying to save to buy a new $68,000 sports car. Currently, you have saved $36,840 which is invested at 4.9 percent annually compounded interest. How many years will it be before you purchase the car, assuming the price of the car remains constant? D Check Background Jenna is currently 20 years old and is planning for her retirement. She plans to retire at age 55, and receive an annual benefit payment (pension) of $100,000 for the following 25 years, i.e., until she is 80. If she wants her contributions over the next 35 years to grow at a rate of 5% per year, what must her first contribution (occurring one year from today) be? Assume a constant interest rate of 8%.