11. How much needs to be invested today to result in a Future Value of $60,000 in 8 years time? Assume an annual fixed-rate of interest of 5.25% a) $38,362.62 b) $39,845.05 c) $37,587.32 d) $39,095.93 12. Which of the following won't increase the Present Value of a single cash flow? a) Increasing the discount rate b) Increase the number of compounding periods c) Increasing the future cash flow d) Shortening the horizon for the receipt of the cash flow? 13. What is the Future Value of $10,000 invested over 10 years if the investment earns 5.5% for the first 3 years, 5.25% for the next 2 years and 4.75% for the remaining term? a) $16,288.48 b) $17,081.44 c) $16,404.83 d) $16,482.86