1. Assume the total cost of a 3-year commerce university education will be $100,000 when your child enters university in 20 years. Assume you have $5,000 to invest today. What rate of interest must you earn on your investment to cover the cost of your future childs education?

4. How much would you have to set aside today in order to have $20,000 five years from now assuming the current interest rate is 7.00%?

5. A bank is offering 12 per cent interest compounded quarterly, if you put $200 in an account, how much will you have at the end of year 2?

6. You have $10,000 to invest for one year and the following choices are offered by the banks in your area: - 6% p.a., compounded annually; 5.90% p.a., compounded daily; Which of the alternatives would you choose?

Can I get detailed answers- on paper(written) to these questions please, would be really appreciated thankss! :D