6) Which of the following statements are TRUE? Statement I: Statement II: Statement III: As you increase the rate of return, the future value of an investment increases. As you increase the length of time to receive some lump sum, the present value of that lump sum increases. The present value of an annuity increases as we increase the "discount rate." 7) You are expecting twins and want to have $500,000 by the time your two kids go to college. You believe you can earn a return of 7 %/year. You have nothing saved up. But you can contribute $8,000 each year going forward. How many years will it take you to grow your money to $500,000?