2. Instead of earning 4% per year over 15 years you can only earn 2%. What is the new future value of the $3,000 per year savings plan in these schemes?

a. Once per year

b. Every six months (semiannually)

c. Quarterly

d. Monthly

3. Now you can earn 6% per year over those 15 years. What is the new future value of the $3,000 per year savings plan in these schemes?

a. Once per year

b. Every six months (semiannually)

c. Quarterly

d. Monthly

4. You are hoping to have $50,000 saved up in 15 years. How much do you have to save in the following savings schemes to reach that $50,000 when annual interest is 5%?

a. Once per year

b. Every six months (semiannually)

c. Quarterly

d. Monthly

5. Instead of annual interest of 5%, it is now 3%. Now what do you have to save to reach $50,000 in 15 years under these savings schemes?

a. Once per year

b. Every six months (semiannually)

c. Quarterly

d. Monthly

6. You are optimistic that interest rates over the next 15 years will be 10% per year. What does this do to the following savings schemes to reach $50,000?

a. Once per year

b. Every six months (semiannually)

c. Quarterly

d. Monthly

With all steps explaining the answers.