Prob. 1 Bruce, a Southern ground squirrel hunter, has decided to leave civilization for several years in order to live off of the grid in an igloo in the Arctic tundra. He decides to invest his life savings, which amount to $3,500, into a bank account in Lubbock before he leaves. The bank offers Bruce an annual interest rate of 8%, compounded quarterly, until he returns safely. Bruce leaves on his twenty-first birthday and returns on his sixty-sixth birthday, thus reclaiming his account. How much money does Bruce possess in the bank account upon his return? Prob. 2 A bank provides you with two options to choose from for your investments. Option A offers a 4% annual interest rate that is compounded yearly. Option B offers a 3.95% annual interest rate that is compounded quarterly. Which option is the better investment after the end of a two-year period? Justify your answer. (Do NOT round your answer until the final step.) Prob. 3 Use the unpaid balance method to find the finance charge on the credit card account for the month of May. The previous month's balance was $950, the annual interest rate is 21%, and the following transactions occurred: Date Transaction May 3 Made a payment of $370 towards account balance. May 12 Charged $106 to card for a rental car. May 21 Charged $95 to card to buy museum tickets. May 29 Returned a camera that cost $69. Prob. 4 For this Problem, we consider a credit card balance throughout the month of November. On the first day of the month, your credit card balance is $520. On 5 November, you charge it $289 for an air fare. On 15 November, your pay off $500 on your account. On 24 November, you charge is $28 for gas. On 28 November, you charge it $73 for a purchase at Amazon. Your credit card interest rate is 13.89%. Use the average daily balance method to compute the finance charge on your December statement