i need help with problems 2, 3, 4, 10, 11, and 13

subject - personal finance

FINANCIAL PLANNING PROBLEMS (Note: Some of these problems require the use of the time value of money tables in the Chapter Appendix.) 1. Calculating the Future Value of Property, Josh Collins plans to buy a house for $210,000. If that real estate is expected to increase in value by 3 percent each year, what will its approximate value be six years from now? 2. Using the Rule of 72. Using the rule of 72. approximate the following amounts. a. If the value of land in an area is increasing 6 percent a year, how long will it take for property values to double? b. If you earn 10 percent on your investments, how long will it take for your money to double? c. At an annual interest rate of 5 percent. how long will it take for your savings to double? 3. Determining the Inflation Rate. In 2013. selected automobiles had an average cost of $16,000. The average cost of those same automobiles is now $24.000. What was the rate of increase for these automobiles between the two time periods 4. Computing Future Living Expenses. A family spends $46,000 a year for living expenses. If prices increase by 3 percenta year for the next three years, what amount will the family need for their living expenses after three years? 27 LO1-4 10. Using the Time Value of Money for Retirement Planning. Carla Lopez deposits $3,400 a year into her retirement account. If these funds have an average earning of 9 percent over the 40 years until her retirement, what will be the value of her retire- ment account? L014 11. Calculating the value of Reduced Spending. If a person spends $15 a week on coffee (assume $750 a year), what would be the future value of that amount over 10 years of the funds were deposited in an account earning 3 percent? LO 1.4 12. Calculating the Present Value of Future Cash Flows. A financial company advertises on television that they will pay you $60,000 now in exchange for annual payments of $10,000 that you are expected to receive for a legal settlement over the next 10 years. If you estimate the time value of money at 10 percent, would you accept this offer? L014 13. Calculating the potential Future Value of Savings. Tran Lee plans to set aside $2,400 a year for the next six years, earning 4 percent. What would be the future value of this savings amount? LO 1.4 14. Determining a Loan Payment Amount. If you borrow $8.000 with a 5 percent interest rate, to be repaid in five equal yearly payments. what would be the amount of each payment? (Note: Use a financial calculator or the present value of an annuity table in the Chapter Appendix)