1. If you deposit some of your savings today into an account that pays 8 percent interest. How long will it takes for you to double (multiplying it 2 times approximately) your money at compound interest rate 8%? 9 years 2. Your parents are planning to retire after 10 years. They currently have $100000, and they would like to have $404600, when they retire. What annual rate of interest would they have to earn on their $100000 in order to reach their goal, assuming they save no more money? (write number without % sign like 1 or 2 or 3) 15 % 3. You are thinking about buying a car, and a local bank is willing to lend you $212,440 to buy it. Under the terms of the loan, it will be fully amortized over 2 years (24 months), and the nominal rate of interest is 12 percent with interest paid monthly. What would be the monthly payment on the loan? 10000 S monthly (write approximate number without fractions). 4. Which amount is worth more at 14 percent,compounded annually: 2 (write the number of the right answer either 1 or 2 or3) 1. $1,000 in hand today 2. or $3,500 due in 6 years 3 or 5000$ due in 10 years? 5. While you were a student in college, you borrowed $10,380 in student loans at an interest rate of 5 percent, compounded annually. If you repay $1,000 per year, how long, to the nearest year, will it take you to repay the loan? 15 years ( write approximate number without fractions). boa