You are saving for retirement. To live comfortably, you decide you will need to save $1 million by the time you are 60. Today is your 20th birthday, and you decide, starting today and continuing on every birthday up to and including your 60th birthday, that you will put the same amount into a savings account. If the interest rate is 3%, how much must you set aside each year to ensure that you will have $1 million in the account on your 60th birthday?

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.