Solve for the unknown interest rate in each of the following: (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Present Value $ 765 955 20,000 75,300 Years 4 5 Interest Rate Future Value %$ 1,481 1,818 146,832 322,815 16 19 Solve for the unknown number of years in each of the following: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Years Present Value $ 1,000 2,691 34,305 34,000 Interest Rate Future Value 9 % $ 1,855 7 4,450 12 394,620 19 220,892 Assume the total cost of a college education will be $360,000 when your child enters college in 15 years. You presently have $58,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual rate % You're trying to save to buy a new $175,000 Ferrari. You have $28,000 today that can be invested at your bank. The bank pays 3.5 percent annual interest on its accounts. How long will it be before you have enough to buy the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Length of time years Suppose you are committed to owning a $255,000 Ferrari. If you believe your mutual fund can achieve an annual return of 11.2 percent, and you want to buy the car in 12 years on the day you turn 30, how much must you invest today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Amount to be invested You are scheduled to receive $16,000 in two years. When you receive it, you will invest it for eight more years at 9.25 percent per year. How much will you have in ten years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Account value