Reference no: EM131785275

1. Candice Willis will invest $25,373 today. She needs $155,000 in 21 years. What annual interest rate must she earn? (Round answer to 0 decimal places, e.g. 7%.)

2. Sally Medavoy will invest $8,220 a year for 21 years in a fund that will earn 9% annual interest. If the first payment into the fund occurs today, what amount will be in the fund in 21 years? If the first payment occurs at year-end, what amount will be in the fund in 21 years? (Round answers to 0 decimal places, e.g. $458,581.)

3. Morgan Freeman is investing $8,448 at the end of each year in a fund that earns 9% interest. In how many years will the fund be at $110,000?

4. Maria Alvarez is investing $305,000 in a fund that earns 8% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 21 years? (Round answers to 0 decimal places, e.g. $458,581.)