3. Your parents will retire in 18 years. They currently have $340,000 saved, and they think they will need $1,900,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. 7. You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 11% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places. Monthly loan payment: $ EAR: % 8. Sawyer Corporation's 2018 sales were $5 million. Its 2013 sales were $2.5 million. A. At what rate have sales been growing? Round your answer to two decimal places. % B. Suppose someone made this statement: "Sales doubled in 5 years. This represents a growth of 100% in 5 years; so dividing 100% by 5, we find the growth rate to be 20% per year." Is the statement correct or not? % 9. Find the interest rates earned on each of the following. Round your answers to the nearest whole number. 1. You borrow $680 and promise to pay back $782 at the end of 1 year. 2. You lend $680 and the borrower promises to pay you $782 at the end of 1 year. 3. You borrow $97,000 and promise to pay back $1,245,401 at the end of 14 years. 4. You borrow $18,000 and promise to make payments of $4,390.00 at the end of each year for 5 years. % % %