You've worked out a line of credit arrangement that allows you to borrow up to $60 million at any time. the interest rate is .589 percent per month. in addition, 5 percent of the amount that you borrow must be deposited in a noninterest-bearing account. assume that your bank uses compound interest on its line-of-credit loans. a. what is the effective annual interest rate on this lending arrangement? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e. g., 32.16.) effective annual rate % b. suppose you need $29.45 million today and you repay it in five months. how much interest will you pay? (enter your answer in dollars, not millions of dollars, e. g., 1,234,567. do not round intermediate calculations and round your answer to 2 decimal places, e. g., 32.16.) total interest paid

Personal financial planning is the process of creating and achieving financial goals? true or false

James albemarle created a trust fund at the beginning of 2016. the income from this fund will go to his son edward. when edward reaches the age of 25, the principal of the fund will be conveyed to united charities of cleveland. mr. albemarle specified that 75 percent of trustee fees are to be paid from principal. terry jones, cpa, is the trustee. james albemarle transferred cash of $500,000, stocks worth $400,000, and rental property valued at $250,000 to the trustee of this fund. immediately invested cash of $360,000 in bonds issued by the u. s. government. commissions of $7,900 are paid on this transaction. incurred permanent repairs of $9,000 so that the property can be rented. payment is made immediately. received dividends of $8,000. of this amount, $3,000 had been declared prior to the creation of the trust fund. paid insurance expense of $4,000 on the rental property. received rental income of $10,000. paid $8,000 from the trust for trustee services rendered. conveyed cash of $7,000 to edward albemarle.

Conor is 21 years old and just started working after college. he has opened a retirement account that pays 2.5% interest compounded monthly. he plans on making monthly deposits of $200. how much will he have in the account when he reaches 591 years of age?