Question 1 (20 points) (a) You estimate that you will need about $93,480 to send your child to college in nine years. You have about $50,000 now. If you can earn 6% per year, will you have enough money? At what interest rate will you just reach your goal? (5 points) (b) Suppose you are interested in purchasing a Hi-Fi that costs $60,000. You currently have $30,000. If you can earn 6% annually on this $30,000, how long does it take to have the $60,000? [Hints: you need to double your money] (10 points) (c) You would like to retire in 50 years with $1,000,000. If you have $10,000 today, what interest rate do you need to earn to achieve your goal? (5 points)