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How much must be saved at the beginning of each year

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Question 1 - How much must be saved at the beginning of each year for the next 10 years in order to accumulate $50,000, if you can earn 9% annually? Assume you contribute the same amount to your savings every year.

a. $3,587.87

b. $4,500.33

c. None of these solutions is correct.

d. $3,291.00

e. $3,019.27

Question 2 - Today is your 21st birthday and your bank account balance is $25,000. Your account is earning 6.5% interest compounded monthly. How much will be in the account on your 50th birthday?

a. $163,823

b. $159,795

c. None of these solutions is correct

d. $164,631

e. $162,183

Reference no: EM133060353

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