1. Fifteen years ago $1000 was deposited in a bank account, and today it is worth $2350. The bank pays interest annually. What was the annual interest rate paid on this account? 2. After landing your dream engineering job, you want to buy a home. To be financially responsible, your monthly loan and property tax payment should not exceed 32% of your disposable income. You have found a 30 year loan with a 3.5% annual interest rate, compounded monthly. If your estimate property taxes are $400 and your disposable income is $4,600 per month, what is the maximum amount of home loan you should consider? You plan to retire in 30 years and plan to contribute the same amount of money each year to your retirement fund. The fund earns 7% compounded annually. If you would like to withdraw $100,000 each year for 20 years, starting 1 year after the last contribution is made. Approximately how much money should you contribute to your retirement fund each year? 3