1) You deposit $1,900 in your bank account.
a. If the bank pays 4% simple interest, how much will you accumulate in your account after 10 years? Future value $
b. How much will you accumulate if the bank pays compound interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Future value $
2) You believe you will need to have saved $440,000 by the time you retire in 40 years in order to live comfortably.
If the interest rate is 7% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual savings $