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Homework Problems 1) 0n the day Harry was born, his parents put $1,200 into an investment account that promised to pay a xed interest rate of 6% per year. How much money will Harry have in this account when he tums 25 (round your answer to two decimal places)? 't 2) At what rate must $287.50 be compounded annually for it to grow to $625.75 in 10 years (round your answer to two decimal places)? 3) How much money must be put into a new bank account yielding 7.54%, compounded annually, in order to have $2,671 at the end of 15 years (round your answer to two decimal places)? 4) Cliff deposited $9,000 in a brokerage account, and 10 years later he closes out the account, which is worth $20,500. What annual rate of interest has he earned over the 10 years (round your answer to two decimal places)? 5) How much money do you need to place into a bank account that pays a 0.08% rate in order to have $500 at the end of 9 years (round your answer to two decimal places)? 6) Your greatgrandparents deposit $1,500 each year on your birthday, starting the day you are born, in an account that pays 5% interest compounded annually. How much will you have in the account on your 21\" birthday, just after your grandparents make their nal deposit (round your answer to two decimal places)? 7) The firm \"Auto Loans-R-Us" loans you $35,000 for six years to buy a car. The loan must be repaid in equal monthly payments. The annual interest rate on the loan is 6.50%. What is the monthly payment (round your answer to two decimal places)? an industrial nance company. The annual payments 8) Your company has received a $40,170 loan from interest per year, how many loan payments must the are $5,405.80. If the company is paying 8.275% company make (round your answer to two decimal places)? t your 403B statement indicates that you have $830,000. If the funds 9) You are ready to retire. A glance a remain in an account earning 7%, how much could you withdraw at the beginning of each year for the next 20 years before the balance is zero (round your answer to two decimal places)? 000 in a child's college fund when they turn 18 years, and can invest h must you invest at the end of each year if the rst deposit is made answer to two decimal places)? 10) Ifyou wish to accumulate $150, at a 5.50% annual rate, how muc when your child turns one year old (round your ;___4