How you got to these answers using a financial calculator. I will provide tip if you show me how you go to the answer.
Note: This is a challenging question. Please attempt it in the end.
Ms. Ieda Silva plans to retire in 29 years and expects to live for 20 years after retirement. She is preparing a savings plan to meet the following objectives. First, after retirement she would like to be able to withdraw $22,000 per month. The first withdrawal will occur at the end of the first month after retirement. Second, she would like to leave her son an inheritance of $500,000 when she passes on. Finally, she would like to set up a fund that will pay $6,000 per month forever to her favorite charity after she passes on. These payments to the charity will start one month after she passes on. All monies can earn 10 percent annual rate compounded monthly. How much will she have to save per month to meet these objectives? She wishes to make the first deposit a month from now and the last deposit on the day she retires.
A.603.38
B.1550.51
C.1014.02
D.983.24
E.1306.52
F.430.71
G. 430.71
h. 1202.17
Fast Street Investment Company offers you an investment that promises to triple your money in 57 months. Interest is compounded quarterly. What rate per quarter is the investment promising
a.6.7
B.13
C.8.8
D.6.0
E.5.4
F17
G7.6
H10.5