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question 1 how much is 30 000 today worth 7 years from now if the annual interest ra 4280785

Question

1. How much is $30,000 today worth 7 years from now if the annual interest rate is a.) 4%? b.) 8%?

2. Suppose you put $20,000 into an investment at age 25 and leave it in until you are 55 at which time you plan to retire. The investment earns 8% compounded annually. How much can you plan to withdraw at retirement?

3. You want to set up a college fund for your child by investing $2000 each year for 18 years. a.) How much would the student have available at the beginning of college if the interest rate was 4%?   b.) What if the student wanted to withdraw an equal amount for tuition for each of 4 years. How much could the tuition payments be each year?

4. Let’s say you wanted to be a millionaire 20 years from now. How much do you need to invest annually if the interest rate is 8%? What if the interest rate was 4%?

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