Instructions: (I) Please do the calculations in Fxcel. No credit will be given if you only provide the final answer for problems that require calculations andor explanations. (2) You can work with others on the assignments, but copying others' work is not accepted. Single payment 1. Suppose you need $15,000 in 3 years. If you can earn 6% annually, how much do you need to invest today? 2. Suppose you invest $1000 into a mutual fund that is expected to earn a rate of return of 10%. What is the amount of money will you have in ten years? 3. You are scheduled to receive $25,000 in two years. When you receive it, you will invest it for 6 more years at 7.9% per year. How much will you have in 8 years? 4. You are offered the following investment: investing $500 today and receiving $600 in 5 years. (a) What is the implied interest rate for this investment? (b) You can also deposit the money into a bank account that pays 4% annually. Suppose the risks are similar, which investment would you choose? 5. You have just made your first $2,000 contribution to your individual retirement account. (a) Assuming you earn a 12% rate of return and make no additional contributions, what will your account be worth when you retire in 45 years? (b) What you if wait 10 years before contributing? 6. How long will it take $50,000 placed in a savings account at 10% interest to grow into $75,000