Use future or present value techniques to solve the following problems.

1. Starting with $18,000, how much will you have in 8 years if you can earn 15 percent on your money? Round the answer to the nearest cent. Round FV-factor to three decimal places. Calculate your answer based on the FV-factor.

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   Calculate your answer based on the financial calculator.

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   If you can earn only 10 percent? Round the answer to the nearest cent. Round FV-factor to three decimal places. Calculate your answer based on the FV-factor.

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   Calculate your answer based on the financial calculator.

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2. If you inherited $75,000 today and invested all of it in a security that paid a 10 percent rate of return, how much would you have in 15 years? Round the answer to the nearest cent. Round FV-factor to three decimal places. Calculate your answer based on the FV-factor.

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   Calculate your answer based on the financial calculator.

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3. If the average new home costs $335,000 today, how much will it cost in 9 years if the price increases by 3 percent each year? Round the answer to the nearest cent. Round FV-factor to three decimal places. Calculate your answer based on the FV-factor.

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   Calculate your answer based on the financial calculator.

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4. You think that in 9 years it will cost $237,000 to provide your child a 4-year college education. Will you have enough if you take $85,000 today and invest it for the next 9 years at 8 percent? Round the answer to the nearest cent. Round FV-factor and FVA-factors to three decimal places. , you will have approximately

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   than your estimate of $237,000. If you start from scratch, how much will you have to save each year to have $237,000 in 9 years if you can earn a 8 percent rate of return on your investments? Calculate your answer based on the FVA-factor.

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   Calculate your answer based on the financial calculator.

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5. If you can earn 9 percent, how much will you have to save each year if you want to retire in 30 years with $1.2 million? Round the answer to the nearest cent. Round FVA-factor to three decimal places. Calculate your answer based on the FVA-factor.

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   Calculate your answer based on the financial calculator.

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6. You plan to have $900000 in savings and investments when you retire at age 62. Assuming that you earn an average of 7 percent on this portfolio, what is the maximum annual withdrawal you can make over a 25-year period of retirement? Round the answer to the nearest cent. Round PVA-factor to three decimal places. Calculate your answer based on the FVA-factor.

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   Calculate your answer based on the financial calculator.

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