SHOW YOUR CALCULATIONS FOR #7 20. You have the option of performing calculations manually BUT ARE STRONGLY ENCOURAGED to use a financial calculator or spreadsheet. Either way, you must specify what is being calculated to earn credit: 12. You would like to give your 4-year old daughter S60,000 towards her college education 14 years from now. How much money must you set aside today for this purpose if you can think you can earn 8.25% per year on your investments? 13. Fifteen years ago, you put away $7,500. Today, that investment is now worth $22,068. What is the average annual rate of return you earned on your investment? 14. You just won first place in a CUNY essay writing contest, and as your prize, you will receive $400 a month each month for the next 7 years (NOT $4,800 per year but $400 per month) If you can earn 8.25% per year on your money, what is the total prize worth to you today? s Your oldest child needs a car and you believe you can afford no more than $360 a month for a 5-year car loan. If the interest rate on this loan is 3.490 percent, what is the maximum you can afford to borrow to purchase this car