ions will be different on your second attempt. Question 1 2 pt Some investments, such as bonds, pay interest. The interest calculation is made using the simple interest formula, I=PRT. If you purchase a $1,000 bond that pays 5.6% annual interest, how much interest will you earn in the first six months of owning the bond? O $280 $28 $56. O $560 Question 2 2 pts Tim Calibe received a $5,000 gift from his grandparents. He wants to invest this money for the down payment of a house that he plans to purchase in 3 years. What type of computation should he use to determine how much the $5,000 will be worth in 3 years? Present value of a lump sum Future value of a lump sum O Simple interest Present value of an annuity Future value of an annuity Question 3 2 pts Tim Taylor received a $5,000 gift from his grandparents. He wants to invest this money for the down payment of a house that he plans to purchase in 3 years. What type of computation should he use to determine how much the money will be worth in 3 years? Present value of a single amount Future value of a single amount Simple interest Future value of an annuity Question 5 2 pts A service contract for a video projection system costs $60 a year. You expect to use the system for seven years. Instead of buying the service contract, what would be the future value of these annual amounts after seven years if you earn 2 percent on your savings? (round to the nearest dollar) O $420 $428 O $446 $69