Question: 1. What is the future value interest factor for 6 years at 14 percent? 2. You are considering using Bill Pay to pay your rent,

1. What is the future value interest factor for 6 years at 14 percent?

2. You are considering using Bill Pay to pay your rent, which is $800 a month due at the beginning of each month starting today. You are going to put a lump sum of money in a savings account today that will cover your rent for a year. If you earn an APR of 2.4% on the account, how much do you have to deposit into the account?

3. You recently had a baby girl. You want to help her with her college expenses if she goes to college. Your plan is to give her $7,500 a year for 4 years starting 18 years from today. If you are planning to deposit money in an account that earns 5%, how much do you have to deposit today?

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