You decide to begin saving for your retirement. Assume that you determine that you will need $300,000 when you retire in 30 years. If you can invest at 8% compounded quarterly and will begin saving

2. You have just made a loan of $5000. How much do you need to pay every month if the interest rate is 8% and the life of the loan is 3 years?

3. Your grandfather has decided to give you some money, but he wants to see if your Accounting and Finance for Managers course has paid off. He is giving you the choice of: €7000 today €10000 in 5 years or €750 semi-annually for 6 years. Assuming that you can invest at 6% compounded semi-annually, which should you choose?

4. You can afford to make payments of €300 per month on a car loan. If the terms of the loan are an interest rate of 6% and monthly payments for 3 years, what amount of loan is the bank willing to give you?

5. You decide to begin saving toward the purchase of a new car in 5 years. If you put $1000 at the end of each of the next 5 years in a savings account paying 6% compounded annually, how much will you accumulate after 5 years?

6. How much would you be willing to pay today for an investment that would return $800 each year at the end of each of the next 6 years? Assume a discount rate of 5%.