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21 Today, you open a savings account that pays interest of 6.000%(M). You save $500 every month for five years. At the end of year 5 you deposit an additional $5,000. Then, you leave the account alone and let it grow another 15 years. What is the final ending account value 20 years from today? Answer is $, no decimal places. 22 You leave UCCS and take a job, and plan to save $1,000 per quarter for retirement. You open a retirement savings account that pays you 6.000% (Q). You manage to make these payments for a full working career of 30 years. How much money do you have in your account when you retire after 30 years? Answer is $, no decimal places. 23 Tony Robbins' wealth strategy: save $300 per month from age 20 to age 30 i.e. 10 years), and then you stop making any monthly deposits, and you leave the account alone until you are 65 years old (i.e. leave it alone for 35 years). Question One: if you make monthly payments of $300 for a time period of 10 years, what was the total amount you invested (not the FV, just the total amount you deposited)? Answer is a $, no decimal places. 24 Tony Robbins' wealth strategy: save $300 per month from age 20 to age 30 (i.e. 10 years), and then you stop making any monthly deposits, and you leave the account alone until you are 65 years old (i.e. leave it alone for 35 years). Question Two: if you earn 8.000%(A), what is the value of your account at age 30. Careful: this is a black-diamond question... You have monthly deposits (cash flows) but an annual interest rate... Answer is $, no decimal places. 25 Tony Robbins' wealth strategy: save $300 per month from age 20 to age 30 i.e. 10 years), and then you stop making any monthly deposits, and you leave the account alone until you are 65 years old (i.e. leave it alone for 35 years). Question Three: At 65 years old, you have saved up a lot of money. Now, you're retired and want to take out a monthly annuity payment from the account, such that at age 95 the value of the account is zero. If you live to 96, you'll move in with the kids. If the account still earns 8.000%(A), what is the monthly payment you can withdraw. Answer is $, no decimal places

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