6. If an investor intends to double $25,000 by investing in a bank that pays 7% interest per year, determine the time it would take to double the investment. (4 points)

7. If you have saved money since the age of 20 and save $4 daily and, at the end of the year, everything saved is invested in an investment fund account that has a 7% annual return, determine the balance of the account when you reach the 62 years old. (6 points)

8. Suppose the Land River Company decides to purchase a housing complex in 6 years and estimates that it can save $15,000 per year. The company deposits the money at the end of the year in World Central Bank at 5% interest. Calculate the balance after 6 years and calculate the account balance if the rate were to decrease to 4%. (6 points)

9. The family attorney notified you that you are the sole heir to your lost uncle's legacy. You have two options to receive the inheritance: receive $500,000 at the end of each of the next 10 years or receive a lump sum payment of $2,500,000. Determine which is the best option. (4 points)

10. Calculate the Present Value of an ordinary Annuity (PVA) that includes 12 payments of $200 and an interest rate of 9%. (6 points)