Accumulating a growing future sum Personal Finance Problem A retirement home at Deer Trail Estates now costs $197,000. Inflation is expected to cause this price to increase at 5% per year over the 20 years before C. L. Donovan retires. If Donovan earns 9% on his investments, ow large must an equal, end-of-year deposit must be to provide the cash needed to buy the home 20 years from now? The equal, annual end-of-year deposit to be made each year into the account is $ (Round to the nearest cent.) Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $42,000 at a 5% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual, end-of-year payments. a. Calculate the annual, end-of-year loan payment. b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. a. The amount of the equal, annual, end-of-year loan payment is (Round to the nearest cent.) Time to accumulate a given sum Manuel Rios wishes to determine how long it will take an initial deposit of $13,000 to double. a. If Manuel earns 7% annual interest on the deposit, how long will it take for him to double his money? b. How long will it take if he earns only 4% annual interest? c. How long will it take if he can earn 9% annual interest? d. Reviewing your findings in parts a,b, and c, indicate what relationship exists between the interest rate and the amount of time it will take Manuel to double his money