2. If you put $2,000 in a savings account, how much money will you have in the account in 5 years? (a) Assume the interest rate is 10% compounded semi-annually (b) Assume the interest rate is 10% compounded monthly 3. You plan to start your own business 5 years from now. To prepare for this, you have decided to deposit $10,000 at the end of each quarter for the next 5 years in a bank account paying 12 % interest, compounded quarterly. How much will you have at the end of the 5th year? 4. If you want to have $200,000 in 10 years, how much money must you put in a savings account today? (a) Assume that the savings account pays 8% and it is compounded quarterly (b) Assume that the savings account pays 8% and it is compounded semi-annually 5. You want to buy your dream house. You are required to pay $ 1,000 at the end of each month for 30 years. Your bank says the interest is 6%, compounded monthly. The down payment is $20,000. (a) What is the loan amount? (b) What is the price of the house? 6. You want to buy your dream house. The price of house is $520,000. Your bank quotes an interest rate of 6% compounded monthly for a 15 year mortgage with $ 20,000 down payment. (a) What is your monthly payment