1. Problem 5.03 (Finding the Required Interest Rate) Your parents will retire in 25 years. They currently have $240,000 saved, and they think they will need $1,700,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. Continue without saving 2. Problem 5.05 (Time to Reach a Financial Goal) to earn 11% annusly on the account. How mary vears will it take to teach vour goalr found vour answer to the nearest nhole mumber. years Back to Assignment Attemper Oo No Hurm /2 3. Problem 5.08 (Loan Amortization and EAR) You want to buy a car, and a local bank will lend you $35,000, The loan wa be fully amortized over 5 years ( 60 months), and the nominal interest rate will be 6% with interest paid monthly. What will be the monthly loan payment? What aill be the loan's EAR? Do not round intermedate calculations. Found your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places. Monthly loan payment: s EAp: 5. Problem 5.11 (Growth Rates) Sawyer Corporation's 2020 sales were $13 milion. Its 2015 sales were 36.5 million. a. At what rate have sales been growing? Plound your answer to two decimal places. b. Suppose someone made this statement: 'Sales doubled in 5 vears. This represents a growth of 100w in 5 vears; so dividino 100% by 5 , we find the growth rate to be 20% per year: is the statement correct? Continue without sawing 6. Problem 5.12 (Effective Rate of Interest) Find the interest rates eamed on each of the following. Round your answers to the nearest whole number. a. You borrow $720 and promise to pay back $792 at the end of 1 year. b. You lend $720, and the bocrower promises to pay you $792 at the end of 1 year. c. You borrow $92,000 and promise to pay back $123,641 at the end of 10 years. d. You borrow $20,000 and promise to make payments of $6,687,60 at the end of each year for 5 years