# Periodic Deposit ?\$? at the en

 Periodic Deposit ?\$? at the end of each month Rate 5.25?% compounded monthly Time 10 years Financial Goal ?\$120,000
 a. Here is the basic Savings Annuity Formula. Use it to find the Periodic Deposit? (Payment). FV=PMT1+rnnt-1rn b. How much of the financial goal comes from deposits and how much comes from? interest?

2. When Sarah? retires, she plans to withdraw payments monthly of \$2,000 from her IRA for 22 years. If her retirement annuity earns 2.6?% compounded monthly?, how much money does she need to have in her IRA when she? retires?

When Sarah? retires, she will need to have ?? her IRA in order to receive a?\$2,000 payments monthly for 22 years.

?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.

3. After her? grandson’s Robin’s? birth, Mrs. Devine made deposits of ?\$100 into a trust fund every three months until Robin was twenty-one years old. The trust fund provides for equal withdrawals at the end of each quarter for five years. If interest is 5.38?% compounded quarterly?, how much will Robin receive every three months??

?(a) What was the value of the trust fund when Robin turned twenty-one??

?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)

?(b) How much will Robin receive every three months?? ?

?(Use the answer from part? (a) to determine the payments. Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)

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