Question: 5. Ross would like to pursue a PhD program in Paleontology, and he estimates that he will need $80,000 to begin. Assume that the cost

5. Ross would like to pursue a PhD program in Paleontology, and he estimates that he will need $80,000 to begin. Assume that the cost of the program will remain the same regardless of when Ross starts the program.

a. If Ross can earn 6.75% on his investments and he saves $50,000 today, how long will he have to wait until he can start the program? Answer in complete sentences and keep 2 decimal places (0.00).

b. If Ross invests $60,000 at an interest rate of 6.75%, will he have enough to start his PHD program in 5 years?

c. If Ross wants to start the program in five years how much would he have to save today if he can earn a 6.75% interest rate?

d. What interest rate would Ross have to earn if he wants to start the program in 5 years, but only has $50,000 to invest? Keep 2 decimal places (0.00).

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