17. A father is planning to provide a 20-year trust fund for his son Dominic. The amount deposited today will remain untouched until the end of the 20th year but will gain interest at a rate of 8 percent compounded annually. The money will then be transferred to another account, which pays 6 percent. The intent is that Dominic will withdraw the money in six equal annual payments of $4,000 each beginning at the end of year

18. How long must your money be invested to double if you can earn 6.5% compounded annually on the investment?

19. You have borrowed $10,000 at 9%. Your lender requires annual payments over a four-year period. Identify the amount of each payment. 20. You have borrowed $10,000 at 9%. Your lender requires annual payments over a four-year period. Create an amortization table for your loan. Use the payment determined in question number 19.

20. The fund, which will help to pay for his higher education will be completely depleted after six payments. What amount should Dominics father deposit today?