Question 8 (5 points) Assume a credit card balance of $18,000 that carries a 24% annual interest rate. The minimum required monthly payment is 4% of the outstanding balance or $20, whichever is greatest. Calculate the balance after the first payment. Your Answer: Answer Question 9 (10 points) Calculate the Present Value of a 19 year growing annuity considering the following information. The initial Cash Flow is $550 The annual interest rate is 12% The annual growth rate is 2% Cash flows will occur annually. Round your answer to the nearest dollar. Do NOT use a dollar sign. Your Answer: Answer Question 11 (5 points) Consider a growing annuity that will earn 11% annually and grow at 4% per year. Calculate the adjusted quarterly rate. Express your answer as a percentage to 2 decimal places. For example: 0.98 % or 2.13%. Your Answer: Answer units Question 14 (5 points) Assume a 10-year growing annuity with an initial CF of $1,000. If the interest rate is 9% and the annual growth rate is 5%, what is the Future Value of the growing annuity? $7,798 $18,462 $19,385 $15,193