(If there is any way I can do any of these problems with a financial calculator please let me know.)

1)You have an investment account that started with $1,000 10 years ago and which now has grown to $12,000.

a. What annual rate of return have you earned (you have made no additional contributions to the account)?

b. If the investment account earns 15% per year from now on, what will the account's value be 10 years from now?

2)Assume that your parents wanted to have$90,000 saved for college by your 18th birthday and they started saving on your first birthday. They saved the same amount each year on your birthday and earned 8.0% per year on their investments.

a. How much would they have to save each year to reach their goal?

b. If they think you will take five years instead of four to graduate and decide to have $130,000 saved just in case, how much would they have to save each year to reach their new goal?

3)You work for a pharmaceutical company that has developed a new drug. The patent on the drug will last 17 years. You expect that the drug's profits will be $4 million in its first year and that this amount will grow at a rate of 3% per year for the next 17 years. Once the patent expires, other pharmaceutical companies will be able to produce the same drug and competition will likely drive profits to zero. What is the present value of the new drug if the interest rate is 11% per year?

4)You are thinking of purchasing a house. The house costs $400,000. You have $57,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 9% per year. What will be your annual payment if you sign this mortgage?