MATH 1030 City University of Seattle Compute the Values Mathematics Questions

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4. (25 points) Suppose you are 25 and that you are taking part in the F.I.R.E. movement (google it). You
wish to retire by age 40. In order to do so comfortably, you need to make at least $100,000 in interest,
per annum. You open an account that earns 1.75% per annum, continuously compounded. What is
the minimum balance your account must have by the time you turn 40 in order to make your desired
interest? Therefore, how much must you save each month to ensure that you have said amount by the
time you are 40? Suppose the interest doesn’t start until you are 40 but is guaranteed afterwards.
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