5. To save for her newborn son's college education, Lea Wilson will invest $1,200 at the beginning of each year for the next 18 years. The interest rate is 10 percent. What is the future value of her investment? PV FV PMT 1200 RATE NPER 6. The Florida lottery agrees to pay the winner $1,000,000 as an annuity of $50,000 for the next 20 years What is the present value of this prize if each payment is discounted by 9 percent? PV FV PMT 1000000 RATE NPER 7. How much must you invest at 8% annually assuming semiannual compounding of your interest in I order to see your investment grow to $8,000 in 12 years? FV PMT 8000 RATE NPER PV 8. Using an annual interest rate of 9%, how long will it take a deposit of $1,500 to grow to $3,000, assuming no additional deposits are made? PV FV PMT 1500 RATE NPER 9. Melissa's great aunt decides to start saving for her graduation party after earning her PhD in Marketing Research. She is planning on a cruise for friends. The cost is estimated to be $30000. If she invests $8000 today and expects to graduate in 9 more years, what is the annual interest rate compounded monthly she must earn on her money? PV FV PMT RATE NPER