26. At the end of 2022 , the total world population was 7.852 billion people. Population experts predict that this number will grow at a compound rate of 1.18% annually over the next 24 years. If that growth rate is correct, what will be the world population (in billions) in 24 years (i.e., in 2046)? Enter your answer in billions, rounded to 3 decimal places; for example, enter 11.12793 billion as 11.128 . 27. The current inflation rate in the U.S. is 7.2% per year. The current price of a gallon of gas in Atlanta is $3.15 per gallon. If the price of gasoline increases at 7.2% per year for the next 7 years, what is the projected price of a gallon of gasoline exactly 7 years from today (i.e., in 2030)? 28. You expect to deposit the following cash flows at the end of years 1 through 5,$1,000;$4,000;$9,000; $5,000; and $2,000 respectively. What is the future account value at the end of year 6 if you can earn 10% compounded annually? 29. What is the effective annual rate (EAR) of 7.81% p.a., but with daily compounding (assume 365 days per year)? 30. Justin won a contest at a local business that paid him a lump sum of $5,000. Justin, who just turned 22 years of age, has decided to invest his $5,000 for 45 years until he retires. During this time Justin believes that his account will earn 13% every year, compounded annually. As soon as he retires (exactly 45 years from today) Justin will start withdrawing retirement funds every year for an additional 33 years, but he plans to invest more conservatively at 8% compounded annually during retirement. How much can Justin withdraw each year in retirement? 31. You just graduated and you decided to purchase a new sports car to enjoy your newfound freedom. Your local credit union will provide financing for 84 months at a 15.2 percent annual rate, compounded monthly. The drive-out price of the car you are buying is $37,500. You must make a 10% down payment (i.e., you must pay the dealer $3,750 immediately) and then you will finance the remaining 90 percent of the purchase price with your credit union (i.e., with a 84-month loan at a rate of 15.2 percent p.a., compounded monthly). If your first payment is due exactly one month from today, what will be your required monthly payment? 32. Exactly five years from today, Prisha would like to buy an entertainment system with cash. Prisha currently has $750 saved in an investment account that pays interest of 4.25% p.a., but with monthly compounding. If Prisha deposits an additional $35 per month (with the first deposit made one month from today) into the account, what is the maximum amount that Prisha will be able to pay for her entertainment system exactly 5 years from today? 33. What is the future value exactly ten years after the last deposit of 65 annual deposits of $2,800 per year (first deposit to be made today) given an interest rate of 8.8% p.a
