Show your work on this worksheet. 1. Your great uncle gave you $1000 on your birthday. If you deposit the money in a Money Market savings account that is currently earning an APR of 4%, how much will the give be worth in 5 years? 2. In 3 years you and a group of friends are going to take a trip to Europe. You are planning to spend $7000 on the trip. How much money do you need to put in a savings account today to have $7000 in 3 years if the account is earning 5.5% APR? 3. For your trip to Europe, you don't have a lump sum to deposit today so you will need to save money every year. How much do you need to deposit in a savings account every year to have $7000 for the trip if your account earns 5.5% APR? 4. You have decided to save for a down payment for a house. If you have $10,000 today, how many years will it take you to have $20,000 if you know you can earn an APR of 7%? (Hint: rule of 72) 5. Judy likes to have a coconut latte in the afternoon between classes. She spends $4.50 on the latte 5 days a week, she is spending $22.50 a week or $360 a semester. If Judy decided she was going to deposit the $360 in a savings account instead of spending it on lattes, how much money will Judy have at the end of the year if her savings account earns 4% APR