Time Value of Money 1. John put $1,000 into a mutual fund yielding 9% per year. Using the Rule of 72, when will it double in value? 2. Using the Rule of 72, what interest rate would be required to double this sum in 4 years? Inflation is 3.0% per year and a gallon of milk costs $3.75. How much will a gallon of milk cost in 5 years if that rate holds constant? Please fill in the boxes below: 3. PV FV Rate% | Periods | Payment Inflation is 4% per year and a gallon of milk costs $3. Using the Rule of 72, how long will it take for the cost of milk to increase to $6? 4. 5. Inflation is 4% per year and a gallon of milk costs $4.00. Using the calculator, how long will it take for the cost of milk to increase to $5.00? Please fill in the boxes below: PV FV Rate% | Periods | Payment Suppose that you invested $700 in a bank account that earned 4.5% per year. much would you have on deposit at the end of 20 years if you made no further contributions to that account? Please fill in the boxes below: 6. How PV FV Rate% | Periods | Payment