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Uyuyor WWW.HU give the Si million to your friend, who promises to pay you 7% simple interest ammally over the ten years period. Which alternative do you choose? 3. Suppose you have a 1-year-old son and you want to provide $75,000 in 17 years towards his college education. You currently have $5000 to invest. What interest rate must you eam to have the $75,000 when you need it? 4. How much interest do you need to earn on your one-time investment of $18,000 in order to have $30,000 after 7 yean? 5. Suppose you want to buy a new house. You currently have $15,000 and you figure you need to have a 10% down payment. If the type of house you want costs about $200,000 and you can eam 7.5% per year, how long will it be before you have mnough money for the down payment