Chapter 5: 1) You're trying to save to buy a vacation home that will cost $455,000. You have $50,000 today that can be invested at your bank. The bank pays 3.8 percent annual interest on its accounts. How long will it be before you have enough to buy the house (assuming the cost of the house remains unchanged)? After calculating the number of years, you determine that you do not want to wait that long. Instead, you believe you can invest a sum of money in a fund that returns an annual rate of 11%. You want to buy this home in 10 years. How much must you invest today have enough funds to buy the house? 2) In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $150. In 2022, the winner's check was $2.5 million. What was the percentage increase per year in the winner's check over this period? If the winner's prize increases at the same rate, what will it be in 2044? 3) Hemenway & Farms, LLC, has an unfunded pension liability of $250 million that must be paid in 25 years. The firm's auditors need to calculate the present value of the liability in order to disclose it in this year's financial statements. If the relevant discount rate is 6.1 percent, what is the present value of this liability