a) Assume the total cost of a university education will be $130,000 when your child enters university in 7 years. You presently have $100,000 to invest. What annual rate of interest (APR) must you earn, if the interest is compounded monthly? Enter your answer as a percentage. Do not include the percentage sign in your answer.

b) Suppose you take a 8 year loan of $50,000 with an interest rate of 9% and annual payments starting at the end of year 1. What are the annual loan payments?

Assume the total cost of a university education will be $130,000 when your child enters university in 7 years. You presently have $100,000 to invest. What annual rate of interest (APR) must you earn, if the interest is compounded monthly? Enter your answer as a percentage. Do not include the percentage sign in your answer. Enter your response below rounded to two decimal places. Number % Suppose you take a 8 year loan of $50,000 with an interest rate of 9% and annual payments starting at the end of year 1. What are the annual loan payments? Enter your response below. Number