Solve the following problems: a. If Lauren contributes $5…
Solve the following problems: a. If Lauren contributes $5,000 per year to her retirement plan beginning in January 2026 and can earn an average of 5.78% , how much will she have in her retirement account when she retires in December 2046? b. If Lauren contributes $625 per month to her retirement plan beginning in January 2026 and can earn an average of 8.13% annually , how much will she have in her retirement account when she retires in December 2046? c. Jason is saving to make a downpayment on his first home. He needs to save $45,000 over the next 5 years. He plans to invest in an aggressive international stock ETF and will earn an averge of 9.11% annually, Starting today, how much does Jason need to save each month to achieve his goal of saving $45,000. d. Jason is saving to make a downpayment on his first home. He needs to save $45,000 over the next 5 years. He plans to invest in a low risk bond ETF and will earn an averge of 3.86% annually. How much does he need to deposit in his account today in order to have $45,000 in 5 years? e. Your friend asks you about “the power of compound interest”. He is an engineer and doesn’t understand basic financial concepts. Briefly, explain the concept of compound interest.