18. According to a local department store the store charges customers 1.25% per month on the outstanding balances of their charge ascounts. What is the sffective annual rate on such customer credit? Assume the store recalculate your account balance at the end of each month b. 16.08 percent 15.00 percent 31.10 percent d. e. 11.61 percent 19.80 percent 19. A firm purchases 100 acres of land for $200,000 and agrees to remittwenty-five equal annual installments of $18,736 each. What is the true annual interest rate on this loan? b. 8.00 percent 12.00 percent 15.00 percent 10.00 percent 6.00 percent 20. You want to set up a trust fund. If you make a payment at the end of each year for thirty years and earn 5% per year, how large must your annual payments be so that the trust is worth $1,000,000 at the end of the thirtieth year? $ 3,322 $15.051 $65,051 $16,015 S 6.644 b. c. e. 21. Starting on January 1, 2019, and then on each January 1 until 2028 (10 payments), you will make payments of $5,000 into an investment which yields 6 percent. How much will your investment be worth on December 31 in the year 2038 if the account continues to pay the same interest rate? S118,024 $183,928 $123,605 d. e. $ 65,904 $125,105 b. c