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  3. 1. a local bank will pay you $189 at the...

1. A local bank will pay you $189 at the...

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Finance

1.

A local bank will pay you $189 at the end of each year for your lifetime if you deposit $3,600 in the bank today. If you plan to live forever, what interest rate is the bank paying? (Enter your answer as a percent rounded to 2 decimal places.)

Interest rate %

2. You believe you will spend $30,000 a year for 10 years once you retire in 20 years. If the interest rate is 5% per year, how much must you save each year until retirement to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Annual savings $

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