Solve 13, 14, 15, 16

13. You have an investment that will pay you 1.0 percent per month. a. How much will you have per dollar invested in one year? b. How much will you have per dollar invested in two year? 14. You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 30 years, which will increase 4 percent per year. If the appropriate discount rate is 5 percent, what is the present value of your winnings? 15. You're prepared to make monthly payments of $400. Beginning at the end of this month, into an account that pays 12 percent interest compounded monthly. How many payments will you have made when your account balance reaches $13,914 ? 16. You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30 -year mortgage loan for 80 percent of the $2,000,000 purchase price. The monthly payment on this loan will be $24,110. a. What is the APR on this loan? b. What is the EAR on this loan