Using the sinking fund, complete the following. . (Do not round intermediate calculations. Round your answer to the nearest cent.)
| Payment amount end of each period |
Frequency of payment |
Length of time |
Interest
rate |
Required
amount |
| $1,440 |
Annually |
8 Years |
8% |
$ |
Patricia and Joe Payne are divorced. The divorce settlement stipulated that Joe pay $505 a month for their daughter Suzanne until she turns 18 in 3 years. Interest is 6% a year. How much must Joe set aside today to meet the settlement? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Amount $
Bankrate.com reported on a shocking statistic: only 54% of workers participate in their company's retirement plan. This means that 46% do not. With such an uncertain future for Social Security, this can leave almost 1 in 2 individuals without proper income during retirement. Jill Collins, 20, decided she needs to have $170,000 in her retirement account upon retiring at 60. How much does she need to invest each year at 5% compounded annually to meet her goal? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
Each year investment $