Assume the total cost of a college education will be $345,000 when your child enters college in 18 years. You presently have $55,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual rate % Chapter 04 2 0.8 points eBook References Saved At 7.5 percent interest, how long does it take to double your money? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Length of time years At 7.5 percent interest, how long does it take to quadruple your money? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Length of time years Chapter 04 3 0.8 points eBook References Saved Assume that in 2018, a copper penny struck at the Philadelphia mint in 1793 was sold for $270,000. What was the rate of return on this investment? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Rate of retum 96 Chapter 04 4 0.8 points eBook Hint References Saved You're trying to save to buy a new $250,000 Mazarati. You have $43,000 today that can be invested at your bank. The bank pays 5 percent annual interest on its accounts. How long will it be before you have enough to buy the car? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Length of time years Chapter 04 5 0.8 points eBook References Saved You have just received notification that you have won the $2.17 million first prize in the Power Lottery. However, the prize will be awarded on your 100th birthday (assuming you're around to collect), 63 years from now. What is the present value of your windfall if the appropriate discount rate is 10 percent? (Do not round Intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.) Present value