1. Wang plans to retire in 38 years and would like for his Individual Retirement Account(IRA) to have $1 million by then. If the IRA pays 8% per year compounded semiannually, what must his semiannual payment be to achieve his goal?
2. Help is Here, a wrecker company, will soon need to purchase a new wrecker. The company anticipates needing $35,000 in 3 years. Their credit union offers an account that pays 3.4% per year compounded monthly for 36 months. Find the monthly payment needed to accumulate the desired sum.
3. Mark and Mindy are new parents. They wish to start saving for their son's college education. They anticipate they'll need$150,000 in 18 years. How much should they deposit quarterly in an account that pays 7.75% per year compounded quarterly,to have the desired funds in 18 years?