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Problem What is the future value of $10,000 on deposit for five years at 5% simple interest? Problem 2 Assume the total expense for your current year in college equals $35,000. Approximately how much would your parents have needed to invest 17 years ago in an account paying 7% compounded annually to cover this amount? Problem 3 How long must one wait (to the nearest year) for an initial investment of $2,000 to triple in value if the investment earns 9% compounded annually? Problem 4 Write the present value of a perpetuity formula. Problem 5 A credit card account that charges interest at the rate of 3.00% per month would have an annually compounded rate of and an APR of