QUESTION 12 Since he loves her more than he loves you, your father has decided to establish a trust fund for your sister. You will have a Citadel diploma to ease your trek through life, but your sister is not so good with either money or men. Dad wants to set up the trust so that she can withdraw $3.000 every three months (ONCE PER QUARTER) for the next 10 years, and then at the end of the ten year period she would be able to withdraw a lump sum of $63,000. The trust will be invested at an annual rate of 5.1 percent compounded quarterly. Dad has asked you how much he will have to put into the fund today in order to fund the trust. Calculate your answer to the nearest dollar. QUESTION 13 Cindy and Mike managed to save $782,000 in their retirement account, which earns 5.4 percent annual interest. They plan to live on this money and will begin withdrawing $6,000 per month out of the account until the money in the account is gone. How long, in months, will their money last? (Show your answer to two decimals, e.g., 12.34; fractional months are okay) QUESTION 14 Fred is setting up a trust fund for his son. The trust will pay his son $7,000 each year for the next 15 years. If the trust fund earns 5 percent interest per year, how much does Fred have to put into the trust fund today in order to fund the series of annual payments? (Show your answer as a positive number). QUESTION 15 Ted wants to purchase some outstanding shares of preferred stock that promise an annual payment of $5.89 forever. Assuming Ted requires an investment return of 5.5 percent on similar investments, what is the most he should be willing to pay per share