QUESTION 1 You have borrowed $250,000 from the bank to open up a new business in Metter. The bank requires quarterly payments on the loan over the next five years. The nominal annual interest rate is 8%. How much is each payment? 15,654 25,463 10,289 15,289 QUESTION 2 Joe has nothing put aside for retirement today, but wants to have $4,000,000 in his retirement account by the time that he retires 38 years from now. He can invest in a mutual fund that has an average annual rate of return of 8.2 percent. How much must he contribute annually in order to reach his goal? 15,263 24,221 33,918 17,280 QUESTION 3 You deposit $50,000 in a retirement account today and then add $1,000 per month over the next 20 years. What annual rate of return do you have to earn in order to have $1,000,000 at the end of the 20 years? 12.08% 7.68% O 9.22% 15.49% QUESTION 4 Your parents have accumulated $1,000,000 in their retirement account and have decided to retire and enjoy the rest of their lives. They are afraid that they will run out of money, so they turn to you for advice. If they put the money into an investment fund that pays an annual rate of 4 percent and spend $6,500 per month, how many years will the money last? About 16 years About 12 years About 18 years About 24 years