1. John set up a retirement account.He arranged to have $150 taken out of each of her monthly checks; the account will earn 2.5% interest compounded monthly. He just turned 29, and her ordinary annuity comes to term when she turns 65. What is the future value of her annuity when John retires? How much interest was earned on his annuity?
2. Jasmine has money in an account that earns 7% interest annually. Use the guess and check method to determine the minimum number of years it will take for her to double her money if interest is compounded quarterly?