DUE AT THE BEGINNING OF CLASS THIS HOMEWORK SET CONSISTS OF 10 PROBLEMS ON 2 PAGES SHOW YOUR WORK AND SOLUTIONS FOR FULL CREDIT Homework Set 2: Introduction to TVM Name Problem 1 What is the future value of $10,000 on deposit for five years at 5% simple interest? FV: PALIN CV: 10,000 (1000xS)) 312,500 (25.000) interst earned Problem 2 Assume the total expense for your current year in college equals $36,000. Approximately how much would your parents have needed to invest 17 years ago in an account paying 7% compounded annually to cover this amount? FVPVX (1+) 35.000 (.07) bol = 110.55 8.53 Problem 3 How long must one wait to the nearest year) for an initial investment of $2,000 to triple in value of the investment eams 9% compounded annually? e allora A noord vom Problem 4 Write the present value of a perpetuity formula. Problem 5 A credit card account that charges interest at the rate of 3.00% per month would have an annually compounded rate of __ and an APR of_