aside $12,000 for this 19. Tropical Tans is saving money to build a now salon. Three years ago, they set as Purose oday, that account is worth $16.418. What rate of interest is Tropical Tans earning on this money A. 11.14 percent B. 11.23 percent C. 10.97 percent D. 11.01 percent E. 10.88 percent 20. You are comparing two investment options that pay 7 percent intcrest annually. Both options will you with $20,000 of income. Option A pays five annual payments starting with $8,000 the first year tollo by four annual payments of $3,000 each. Option B pays five annual payments of $4,000 each. Which one following statements is correct given these two investment options? A. Option A is the better choice B. Option B has a higher present value than option A. C. Option A is preferable because it is an annuity due. D. Option B is a perpetuity ove of the E. Both options are of equal value given that they both provide $20,000 of income. 21. Priestly Engineers will need $145,000 to buy some new equipment two years from now. The plan is to set aside an equal amount of money on the first day of each quarter starting today. The firm can earn a stated annual rate of return of 5.5 percent, compounded quarterly. How much does the firm have to save each quart to achieve their goal? A. $17,036.35 B. $17,084.43 C. $17,270.60 D. $17,421.18 E. $17,308.67 22. Today, you signed loan papers agreeing to borrow $35,000 at a stated annual interest rate of 9.75 compounded monthly. The loan payment is $700 a month. How many loan payments must you make loan is paid in full? A. 63.25 B. 63.74 C. 63.48 D. 64.42 E. 62.00