You expect to have $7,000 in one year. A bank is offering loans at 4.5% interest per year. How much can you borrow today? Today you can borrow $]. (Round to the nearest cent.) P 3-17 (similar to) Suppose the interest rate is 3.8%. a. Having $500 today is equivalent to having what amount in one year? b. Having $500 in one year is equivalent to having what amount today? c. Which would you prefer, $500 today or $500 in one year? Does your answer depend on when you need the money? Why or why not? a. Having $500 today is equivalent to having what amount in one year? It is equivalent to $. (Round to the nearest cent.) P 3-19 (similar to) If your bank pays you 1.5% interest and you deposit $700 today, what will be your balance in six years? The bank balance will be $ . (Round to the nearest cent.) P 3-22 (similar to) Calculate the future value of $4.000 in a. Four years at an interest rate of 7% per year. b. Eight years at an interest rate of 7% per year. c. Four years at an interest rate of 14% per year. d. Why is the amount of interest earned in part (a) less than half the amount of interest earned in part (b)? a. Four years at an interest rate of 7% per year. The future value of $4,000 in 4 years at an interest rate of 7% per year is $. (Round to the nearest dollar.) P 3-26 (similar to) Question Help Your cousin is currently 12 years old. She will be going to college in years. Your and und would be to have $110.000 in a swings account to fund her education at theme. If the worst promise to pay feeder role of year, how much money do they need to put into the account today to ensure that they will have $110.000 in 6 years? The amount they need to put way today is $. Round to the nearest cent) You are planning to invest $6,000 in an account earning 5% per year for retirement a. If you put the $6,000 in an account at age 23, and withdraw it 37 years later, how much will you have? b. If you wait 10 years before making the deposit, so that it stays in the account for only 27 years, how much will you have at the end? a. If you put the $6,000 in an account at age 23, and withdraw it 37 years later, how much will you have? In 37 years you would have $ . (Round to the nearest cent.)