PART III: Written Calculations. Short Answers - Answer all 10 questions (total 40 points) 1. After graduation, you plan to work for BankAmerica for 12 years and then start your own business. You expect to save and deposit $7,500 per year for the first six years (t=1 though t=6), and $15,000 annually for the following six years (t=7 through t=12). The first deposit will be made a year from today. In addition, your grandfather just gave you a $25,000 graduation gift, which you will deposit immediately (t=0). If the account earns 9% compounded annually, how much will you have when you start your business 12 years from now? Show your calculations (5 points) tt 2. Suppose someone made the following statement: "Sales doubled in five years, this represents a growth of 100% in five years. So, dividing 100% by five years, we find the growth rate to be 20% per year." Is this statement correct -- or not? Fully explain your answer. (3 points)