223.4

4.You're planning to retire in 45 years. You figure you can comfortably save $500 per month.

1. If you earn 12%, compounded monthly, what will you have when you retire? (7 pts.)
2. Assume you plan to inherit $100,000 in 30 years. If you wait 10 years from now to start saving $500 per month, will you still have the same amount to retire? (6 pts.)
3. If you want to retire in 25 years with the same amount of money as in (a), how much will you have to save each month? (5 pts.)
   

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