5 You are starting your new career today after graduating from University of Houston. You decided to contribute $500 a month into a fund that is expected to earn 6 percent, compounded monthly. If you start the contribution a month from today for 30 years, how much will you have right after you contribute the last $500 in 30 years? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without S sign.) 6 You are starting a medical school today. Becoming a doctor is your lifetime dream, so you started saving mone when vowere te u now haves o 000 your account, and you are going to withdraw annually starting today next four years. If you can earn 3 percent interest on the account, how much a year can you withdraw? Round to the nearest cent. Do not include any unit (If your answer is si 11.11 then type 11.11 without S sgn Toshi's Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $25,000 per year forever. If your required rate of return on this A investment is 7%, how much the most are you willing to pay for the policy? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without S sign.) 8 How much are you willing to pay for an investment that promises to pay $10,000 a year in perpetuity if your required rate of return on this investment is 10 A percent and the first $10,000 payment starts in 10 years? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without S sign.) Today, you graduated from high school. You are planning to go to UH starting 2 years from now after volunteering abroad. The tuition will be due at the beginning of school year. You will start paying tuitions in two years, and the amount will be $15,000, $15,750, S16,550, and $17,700. How much do you need to have in your account today if you can earn 8% on your account compounded annually? Round to the nearest cent. Do not include any unit if your answer is S111.11, then type 111.11 without S sign.) 10 What is the effective annual vield of 8% compounded monthly? Answer in the percent ormat Round to the nearest hundredth percent. Do not include any unity (If your answer is 4.36%, then enter 4.36 as your answer without % sign)