What is the fixed amount you have to save each year

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Reference no: EM131916297

When you retire, you want to have a two million dollars saved. If you plan to retire in 45 years, and you can receive 3% interest annually on a savings account, what is the fixed amount you have to save each year?

$8,278

$21,570

$14,836

$3,860

None of these answers

Calculate the present value of a retirement fund if you put $1,750 in your savings account at the beginning of each quarter for the next 35 years? Assume that your savings account pays 8% compounded quarterly.

$20,277.13

$83,670.64

$245,051.08

None of the answers are correct

Assume you can buy a new car, currently selling for $27,000 by putting $3,000 down and making payments of $500 per month for 60 months. What is the annual rate of interest you would be paying?

.1734

9.168%

.764%

None of the answers are correct

Reference no: EM131916297

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