3. Your parents will retire in 27 years. They currently have $400,000 saved, and they think they will need $1,850,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. 4. If you deposit money today in an account that pays 12.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.= years 5. You have $10,043.17 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $230,000. You expect to earn 13% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.= years 6. What's the future value of a 9%, 5-year ordinary annuity that pays $700 each year? If this was an annuity due, what would its future value be? Do not round intermediate calculations. Round your answers to the nearest cent.-Future Value of an Ordinary Annuity: $ -Future Value of an Annuity Due: $
3. Your parents will retire in 27 years. They currently have $400,000 saved, and they think they will need $1,850,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.
4. If you deposit money today in an account that pays 12.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.
= years
5. You have $10,043.17 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $230,000. You expect to earn 13% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
= years
6. What's the
-Future Value of an Ordinary Annuity: $
-Future Value of an Annuity Due: $
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