Answer each question using the time value of money table. (Show me the steps of solving, writing the answers only are not acceptable). 1. While you were a student in college, you borrowed $21400 in student loans at an interest rate of 8 percent, compounded annually. If you repay $2500 per year, how long to the nearest year, will it take you to repay the loan? 2. Your client is 40 years old and wants to begin saving for retirement. You advise the client to put $5,000 a year into the stock market. You estimate that the market's retum will be on average percent a year. Assume the investment will be made at the end of each year. If the client follows your advice, how much will she have by age 65? 3. A downtown bank is advertising that if you deposit $1,000 with them, and leave it there for 50 months, you can get $2691 back at the end of this period. Assuming monthly compounding, what is the annual rate of interest paid by the bank? 4. Suppose you want to accumulate $9 365.60 for a down payment for a house. You will deposit $400 at the ending of every 2 months in an account that credits interest every 2 months at the rate of 18% per annum. How long will it take you to achieve your goal