You would like to buy a house that costs $350,000. You have $50,000 in cash that you can put down on the house, but you need to borrow the rest of the purchase price. The bank is offering you a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. You can afford to pay only $23,450 per year. The bank agrees to allow you to pay this amount each year, yet still borrow $300,000. At the end of the mortgage (in 30 years), you must make a balloon payment; that is, you must repay the remaining balance on the mortgage. How much will be this balloon payment? Hint: The balloon payment will be in addition to the 30th payment. The balloon payment is $ (Round to the nearest dollar.) You have an investment account that started with $3,000 10 years ago and which now has grown to $6,000. a. What annual rate of return have you earned (you have made no additional contributions to the account)? b. If the savings bond earns 16% per year from now on, what will the account's value be 10 years from now? a. What annual rate of return have you earned (you have made no additional contributions to the account)? Your annual rate of return is %. (Round to two decimal places.) b. If the savings bond earns 16% per year from now on, what will the account's value be 10 years from now? The account's value in ten years will be $ . (Round to the nearest cent.) You have an investment opportunity that requires an initial investment of $2,300 today and will pay $3,400 in one year. What is the rate of return of this opportunity? The rate of return for this opportunity is %. (Round to two decimal places.)