MGMT 3 Spring 2019 Financial Function Assignment 40 points Name: 1. You are saving for retirement. You've found an investment vehicle that pays 4% annual interest compounded monthly. You currently have $3,000 to invest initially and if you add $200 at the end of month, what will be the value of your savings in 35 years? 2. What is the monthly payment on a 30 year mortgage for $245,000 at 4.75% annual interest? 3. What would a S. Diggs rookie football card be worth in 30 years if it is worth $10.75 today and it appreciates at 7.5% per year? 4. What has to be the annual interest rate you must receive to double your money in 10 years? 5. What is the monthly interest rate you are paying to Jane the Loan Shark if you borrow $1,000 today and pay back $100 each month for 11 months and then $700 a year from today? 6. What is the annual rate of increase (appreciation) in the value of a house that was purchased for $70,000 in 1983 and sells for $232,000 today? 7. The number of months a new company could last if it raised $1,200,000 and had a burn rate (spending rate) of $37,000 per month, assuming the company keeps its cash in an account earning 3% per year. 8. There are two major companies in the widget market. United Widgets had sales of $20 million last year and is expected to grow at the rate of 4% per year. Widgets International had sales of 514 million last year. Find the annual rate at which Widgets International must grow to catch up to United Widgets in seven years. 9. Find the year in which the population of Minneapolis-St Paul will reach 5,000,000 people given that is has 3,600,000 people today and its population is increasing by 1.7% per year. Microsoft Word English (United States) 1 Focus No I de 9w ? MacBook Air