Question
1. Who wants to be a millionaire? How much would you have to put away at the end of each year to have $1,000,000 assuming you retire in 45 years and can earn 7% on your money.
2. What if you made your deposit at the beginning of the year?
3. How much money do you need to have in the bank to pay for a 4 year college degree if tuition is $12,000 per year and your bank gives you 4% interest.
4. What is the effective annual rate on a 18% APR loan if interest is compounded monthly?
5. How much do you need to save each month for 30 years in order to retire on 145,000 a year for 20 years assuming an interest rate of 10%.