1. [6 point] Sackville Plastics started in 2002 by an immigrant engineer. He quickly exhausted his savings and bank credit, so turned to a lender of last resort who was prepared to loan him $30,000 at 39% APR compounded weekly. SP paid off the loan as a single payment after 2 years. How much did SP repay? 2. [7 point] SP had sales of $168,000 in 2006. In 2014, it had sales of $2,300,000. What is the compounded annual growth rate? 3. [7 point] SP estimates that it will grow at an annual rate of 20% per year for the foreseeable future. How long will it take for SP to double in size? 4. [18 point] etin Ikmen, the owner of Sackville Plastics, has been investing $400 per month since the end of January 2010 to create a venture capital fund for his daughter to start her own business when she turns 25 at the end of January in 2030. The investment fund is expected to earn an average of 6% APR annually (compounded monthly). a. [5 point] How much will she have to start her business? b. [4 point] How much interest will be earned over the 20 years? c. [3 point] He wanted to have $250,000 saved. How much should he have been saving at the end of each month? d. [6 point] It is too late to change his saving pattern, so it will just take longer to accumulate $250,000. Approximately how long will it take? 5. [10 point] SP plans to purchase a new injection molding machine for $135,000. It will be completely financed with a loan at 13% APR compounded bi-weekly (every 2 weeks) over 7 years. a. [6 point] What is the bi-weekly payment on the loan? b. [4 point] How much interest will be paid over the 7 years of the loan? 6. [9 points] Suppose that you buy a car for $28,700 and agree to the bi-weekly payments at 7.15%. You can afford to pay $225 every 2 weeks. How long will it take to pay off the loan