You start working at age 20 and you plan to deposit \$5,000 in a

2) You start working at age 20 and you plan to deposit \$5,000 in a savings account every year for the next 45 years.
a. At the end of this time, how much money will you have if the interest rate is 5%? (10)

b. You decide that’s not enough money. How much will you have to save every year if you wish to have \$1,000,000 when you retire? (10) p { margin-bottom: 0.25cm; direction: ltr; line-height: 120%; text-align: left; orphans: 2; widows: 2; }

You start working at age 20 and you plan to deposit \$5,000 in a

2) You start working at age 20 and you plan to deposit \$5,000 in a savings account every year for the next 45 years.
a. At the end of this time, how much money will you have if the interest rate is 5%? (10)

b. You decide that’s not enough money. How much will you have to save every year if you wish to have \$1,000,000 when you retire? (10) p { margin-bottom: 0.25cm; direction: ltr; line-height: 120%; text-align: left; orphans: 2; widows: 2; }