4 The following questions are related to the Time Value of Money. A couple will require you to use the formula discussed in class, For the others you will simply use the calculator. When solving with the formula, please make sure you show all work, as well as your answer. When solving with the calculator your answer is all that is needed. Using the formula, determine how much money you would have if you put 1,000 in the bank at an interest rate of 7% and kept it there for 5 years. Answer Using the formula, determine how much money you need to put into the bank to have $1,500 in 4 years if the interest rate is 5%. Answer Using the calculator answer the following questions. How much money would you have in the bank if you deposited $50 at an interest rate of 4%, after 6 years? Answer In order to have $1,000 in the bank in 6 years, if your interest rate is 6%, how much money do you have to deposit today? Answer If you deposited $1,500 in the bank 5 years ago and today you have $1,875, what interest rate did you receive? Answer How many years would it take for your bank account to grow from $750 to $1,250 if you received an interest rate of 5%