Upon graduating from college you make an annual salary of, Financial Management

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Upon graduating from college you make an annual salary of

1. You need to accumulate $77,450 for your son’s education. You have decided to place equal year-end deposits in a savings account for the next 17 years. The savings account pays 9.87 percent per year, compounded annually. How much will each annual payment be?

2. Upon graduating from college, you make an annual salary of $51,035. You set a goal to double it in the future, If your salary increases at an average annual rate of 8.22 percent, how long will it take to reach your goal?

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