1. Today, you earn a salary of $75,000. What was your annual salary be five years ago if you receive annual raises of 3.2%?
a. $63,454 b. $63,441 c. $64,071 d. $62,230 e. $62,844
2. You want to have $11,500 saved ten years from now. How much less do you have to deposit today to reach this goal if you can earn 7% rather than 6% on your savings?
a. $582.94 b. $575.52 c. $638.46 d. $615.48 e. $555.18