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1.  You want to retire and have annual payments of $55,000 over a 23 year period.  You plan...

1.  You want to retire and have annual payments of $55,000 over a 23 year period.  You plan to retire in 16 years.  If you can earn 7.5% on your funds, how much do you need to invest monthly until you retire to reach your goal?

2.  You have a choice of $1 million in 50 years or $1,600 today.  If your interest rate is 14%, which would you choose?  (show your work to receive credit).

3.  You are looking at 2 investments.  One will pay you $550 a year for the next 15 years.  The other one will pay you $24,000 in 20 years.  If your rate of return is 9%, which is the best investment for you?  (show your work to receive credit).

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