- 'a"r'" ' . "" , AA~=__4_Y_..._F_-.____r._. _..___.- .. . Option 6'. Mike would like to know how much money he should invest annually in_ggder__t_q have $1,000,000 in 15 years. He assumes that he can earn 10% interest per year and the investment was made at the beginning of each year. What H the interest rate is compounded continuously? . Option 7: If Mike is a millionaire today, how long will it take for his money to double if it is desired interest rate is 12% per year compounded semi-annually? 0 Option 8: Mike requires a 6% annual return on his business investments. Assume he will receive $200,000, $300,000, $400,000 and $500,000 respectively for the next four years on a particular investment What is the most he would be willing to pay for this investment? 0 Option 9: Mike plans to purchase a house and loan amount is one million with 30 years xed rate of 5%. What will be his monthly mortgage? What will be his interest cost for the rst month of the second year? - Option 10: Mike starts saving money for his son to pay for his college. Hi son is 2 years old now and he is expected to go to a M college at age 18. The current college tuition cost 7; $0,000 per year, and tuition is expected to grow at a constant rate of 3% annually. He plans to save $5000 at the beginning of each year during next 16 years. What would be his expected rate of return so that he can have enough money pay for his son's Lugg college tuition? You may use algebra, TVM tables, nancial calculator, or Excel to solve these problems, and present a