Your friend, Mike Szyslak wants be a millionaire, and he found several ways applicable. But he is still hesitating among the various options and comes to you for financial advice. Complete each of the options, below.

• Option 7: If Mike is a millionaire today, how long will it take for his money to double if it is desired interest rate is 12% per year compounded semi-annually?
• Option 8: Mike requires a 6% annual return on his business investments. Assume he will receive $200,000, $300,000, $400,000 and $500,000 respectively for the next four years on a particular investment. What is the most he would be willing to pay for this investment?
• Option 9: Mike plans to purchase a house and loan amount is one million with 30 years fixed rate of 5%. What will be his monthly mortgage? What will be his interest cost for the first month of the second year?
• Option 10: Mike starts saving money for his son to pay for his college. Hi son is 2 years old now and he is expected to go to a four year college at age 18. The current college tuition cost is $30,000 per year, and tuition is expected to grow at a constant rate of 3% annually. He plans to save $5000 at the beginning of each year during next 16 years. What would be his expected rate of return so that he can have enough money pay for his sons 4 year college tuition?