Complete ALL 10 questions and show ALL your work with Formulas used.

1. You would like to give your daughter $50,000 towards her college education sixteen years from now. How much money must you set aside today for this purpose if you can earn 7.8% on your funds

2. Jasdeep puts $35,000 into a bank account earning 4%. She can't withdraw the money until the balance has doubled. How many years will she have to leave the money in the account?

3. Rupan and Fruvan both want to have $5,000 in three years. Rupan expects to earn 8% on his investments and Fruvan expects a 7% rate of return. How much money would each have to invest today?

4. The Brown Co. expects to receive $135,000 from an insurance settlement four years from now. If the company can earn 11% on its investments, what is the value of the insurance settlement worth today?

5. Rito invested $4,350. After seven years he had an account value of $6,980.58. Maria invested $5,920. After six years she had an account value of $8,834.62. Who received a higher rate of return?

6. Your parents agree to pay half of the purchase price of a new car when you graduate from college. You will graduate and buy the car two years from now. You have $6,000 to invest today and can earn 10% on invested funds. If your parents match the amount of money you have in two years, what is the maximum you can spend on the new car?

7. One year ago, you invested $5,000. Today, your investment is worth $6,178.40. What rate of interest did you earn?

8. Ten years ago, Raj invested $5,000. Five years ago, Ravneet invested $2,500. Today, both Raj and Ravneet investments are each worth $8,500. What was the rate of return for each?

9. JoJo Hairstyles is saving money to build a new salon. Three years ago, they set aside $12,000 for this purpose. Today, that account is worth $16,418. What rate of interest is JoJo earning on this money?

10. Jodi bought land costing $124,600. Today, that same land is valued at $179,400. How long has she owned this land if the price of land has been increasing at 6% per year?