1.a) Suppose you have $20,100 today. You would like to be able to buy a car that will cost $49,800 in 5 years. What annually compounded interest rate would you need to earn in order to be able to buy the car? Enter your answer as a percentage rounded 2 decimal places. Do not enter the % sign.

1. b) Suppose you plan to save $9,000 at the end of each coming year for the next 31 years from now for retirement. The interest rate is 10%. How much will you have 31 years from now?

1. c) Tonald Drump is giving you a prize for correctly predicting the bracket for the NHL Playoffs. Tonald Drump lets you choose the prize you wish to receive. Which prize would you choose if the interest rate is 2%?

$675 million lump sum OR $30 million per year for 30 years