1. Interest Earned. Teresa has just opened a NOW account that pays 3.60?% interest. If she maintains the account at the required minimum balance of ?$780 for the next 12? months, how much interest will she? earn?
If she maintains the account at the required minimum balance of ?$780 for the next 12? months, the amount she will earn in interest is ?$
2. Future Value of Annuity. Lena has just become eligible to participate in her? company's retirement plan. Her company does not match? contributions, but the plan does average an annual return of 14?%. Lena is 40 and plans to work to age 65. If she contributes ?$110 per? month, how much will she have in her plan at? retirement?
When Lena? retires, the amount she will have in her retirement plan is ?$