15. You save $4,000 per year for 5 years, from age 16 to age 20 . It is invested in a mutual fund that earns 4% for the next 20 years. How much will you have when you want to retire at age 40 ? 16. You will need $200,000 in 10 years. How much must you invest at the end of each year, earning 5%, to meet your goal? 17. You invested $20,000 at 5% interest rate, compounded annually, for 8 years. What amount do you have at the end of that period? What amount would you have if the interest had been compounded semi-annually? 18. You want to establish a savings account by depositing a single amount that will increase to $40,000 at the end of seven years. What single amount must be deposited in this account on January 1, 2023 if your savings account will earn 8% interest? 19. You have just won the state lottery and have two choices for collecting your winnings. You can collect $4,000,000 today or receive $500,000 per year for the next 10 years. A financial analyst has told you that you can earn 3 percent on your investments. Which alternative should you select