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21. You estimate that you will need about $80,000 to send your child to college in eight years. You have about $35,000 now. At what rate will you just reach your goal? * a. 11.28% b. 10.88% c. 9.85% O O O d. 12.14% e. None of the above 22. You've been saving up to buy the Godot Company. The total cost will be $10 million. You currently have about $2.3 million. If you can earn 5 percent on your money, how long will you have to wait? At 16 percent, how long must you wait? * a. 30 years b. 25 years c. 27 years d. 33 years e. None of the above 23. You've just joined the investment banking firm of Dewey. They've offered you two different salary arrangements. The first one is that you can have $95,000 per year for the next two years, however, the second one is that you can have $70,000 per year for the next two years, along with a $45,000 signing bonus today. The bonus is paid immediately, and the salary is paid at the end of each year. If the interest rate is 10 percent, which do you prefer? * a. The first option b. The second option c. Indifferent O d. Neither e. None of the above 24. You're prepared to make monthly payments of $340, beginning at the end of this month, into an account that pays 6 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,000?* a. 25.92 years b. 21.52 years c. 23.57 years d. 27.23 years e. None of the above 25. You want to buy a new sports car from Muscle Motors for $68.000. The contract is in the form of a 60-month annuity due at a 7.85 percent annually. What will your monthly payment be? a. $1,736.22 b. $1255.29 c. $1450.87 d. $1,373.92 e. None of the above