Which of the following statements is most correct? a. A 5-year $100 annuity due will have a lower present value than a 5-year $100 ordinary annuity. O b. A 15-year mortgage will have larger monthly payments than a 30-year mortgage of the same amount and same interest rate. O c. If an investment pays 10 percent interest compounded annually, its effective annual rate will also be 10 percent O d. Statements band c are correct. O e. All of the statements above are correct. You are age 25, and have now settled into you first job. You desire to retire at age 60, and know that you can invest $8,750 each year. You have decided to use this as your primary retirement vehicle. At the end of the year, you invest $8,750, and $8,750 per year thereafter until age 60, and realize the average return on the stock market of 11% per year. How much do you have at age 60? O a. 2,371,463.22 O b. 2,642,487.59 O c. 2,988,908.60 O d. 3,330,498.16 You are considering an investment that will pay to you $30,000 at the end of 10 years. Investments of similar risk are offering a 7% rate of return. What would be a fair price to pay for this investment? a O a. 11,877.32 O b. 13.959.87 O c. 15,250.48 O d. 16,039.23 You have $100,000 to invest. You want to have $300,000 for retirement. You can invest your fund at a 6% annual rate of return. Rounded to the nearest year, how long before you will be able to retire? O a. 14 O b. 19 O c. 21 O d. 28