1. Calculate the simple interest earned. Round to the nearest cent.

P = $3500, r = 5.7%, t = 4 months

2.Use the formula

A = P(1 + rt) to calculate the maturity value of the simple interest loan. (Round your answer to two decimal places.)P = $2600, r = 9.2%, t = 7 months

3. A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $45,000 when the child reaches the age of 18? Assume the money earns 7% interest, compounded quarterly. (Round your answer to two decimal places.)