________1. Randy Hill wants to retire in 10 years with $500,000. He can earn 6% per year on his investments. Compute how much he needs to deposit each year to reach his goal. ________2. Joe Morris wants to start a savings fund from which his grandson could withdraw $3,000 a year for 10 years. The fund would earn 5% interest. Compute the amount Joe would have to deposit now to reach his goal. ________3. Your rich aunt has offered to finance five years of college for you. The annual cost will be $30,000 and the interest rate is 5%. Compute how much money your aunt must give you now to finance the five years of college. ________4. Assume your father is 55 and wants to retire at age 65 with $300,000 in a retirement fund. The interest rate is 8%. Compute how much he must deposit at age 55 to accumulate the $300,000. ________ 5. Assume you want to have $25,000 for a down payment for a house in five years. Compute the amount you would need to deposit today. Your money will earn 5 percent. ________ 6. Jeff Renfro is planning to go to graduate school (Ph.D) in a program of study that will take six years. Jeff wants to have $35,000 available each year for various school and living expenses. He can earn 5 percent on his money. Compute how much he must deposit at the start of his studies to be able to withdraw $35,000 a year for six years. ________7. Angie Baden deposits $10,000 a year into her retirement account. These funds will earn 8 percent over the 10 years until her retirement. Compute what the value of her retirement account will be when she retires. ________8. Assume you borrow $80,000 with a 7 percent interest rate, to be repaid in seven equal yearly payments. Compute the amount of each payment.