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1)A 60-year-old grandmother wants a life insurance policy that could replace her annual $55,000 earnings for...

1)A 60-year-old grandmother wants a life insurance policy that could replace
her annual $55,000 earnings for the next 10 years. If the long-term interest rate is now
6.2%, how large of a life insurance policy does she need?

2)You can afford monthly deposits of $200 into an account that pays 6.2%
compounded monthly. How many months will it be until you have $15,000 to buy a car?

Math   Algebra   
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