Question

3.DeMarcus wants to retire with $1million in savings by the time he turns 60. He is currently 18 years old. How much will he need to save each year, assuming he can get a 11% annual return on his investments?

4..How much will be in an account at the end of five years the amount deposited today is $10,000 and interest is 8% per year, compounded semi-annually?

5..You have​ $3,000 that you may need any day to replace the furnace in your house. Which of the following would be the best place to put the​ $3,000?

A common stock mutual fund earning​ 9%

B.A savings account earning​ 2%

C.A​ one-year CD earning​ 4%

D.Shares of stock in a​ high-tech company that could double in 6 months

Answer 1

3. We need to find PMT such that:

Number of years = 60 - 18 = 42

This is the amount DeMarcus needs to save each year.

Please do not downvote for not answering the remaining questions. As per HOMEWORKLIB RULES, when there are multiple questions, we are encouraged to provide a solution to at least the first question.

Can you please upvote? Thank You :-)