O o The annual inflation rate in the U.S. in 1995 was about 3.2%, while savings accounts paid about 4.5% (EAR). Which of the following statements is correct? The real interest rate for savers was greater than the rate of inflation. O The nominal interest rate indicates the true increase in purchasing power that resulted from savings accounts. O The nominal interest rate was less than 3.2%. The purchasing power of savers grew over the course of the year. D o Your savings are in an account receiving an interest rate of 7.5 percent APR, with interest compounded semiannually. You are considering using funds from your savings account to buy an investment product that pays $15,000 every six months for 5 years. Assuming the investment product is low risk just like your savings account, what is the product worth to you today? The Bushwood Country Club renovates its clubhouse every 5 years. A wealthy member wants to create a fund to cover the renovation costs forever. Based on expected renovation costs, she wants her gift to generate $81,000 5 years from now, 10 years from now, 15 years from now, and every 5 years thereafter forever. Bushwood management expects to earn a return of 5.5% (EAR) indefinitely on her gift. How much must the member donate today to fund the renovations forever