Please answer ALL questions & show ALL work.

11.On your tenth birthday, you received $500 which you invested at 4.5 percent interest, compounded annually. Your investment is now worth $711. How old are you today? 12. Your older sister deposited $5,000 today at 5.00 percent interest per year for 5 years. You would like to have just as much money at the end of the next 5 years as your sister will have. However, you can only earn 4.00 percent interest per year. How much more money must you deposit today than your sister did if you are to have the same amount at the end of the 5 years? 13. You just won the grand prize in a national writing contest! As your prize, you will receive $1,000 a month for ten years. If you can earn 6 percent interest per year on your money, what is this prize worth to you today? 14. You are borrowing $30,000 to buy a car. The terms of the loan call for monthly payments for 5 years at 4.8 percent interest. What is the amount of eaclh payment? 15. Kingston Development Corp. purchased a piece of property for $2.79 million. The firm paid a down payment of 15 percent in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75 percent, compounded monthly. What is the amount of each mortgage payment? 16. Your parents have made you two offers. The first offer includes annual gifts of $10,000, $11,000, and $12,000 at the end of each of the next three years, respectively. The other offer is the payment of one lump sum amount today. You are trying to decide which offer to accept given the fact that your discount rate is 8 percent. What is the minimum amount that you will accept today if you are to select the lump sum offer? 17.You would like to establish a trust fund that will provide $100,000 a year forever for your heirs. The trust fund is going to be invested very conservatively so the expected rate of return is only 5.00 percent per year. How much money must you deposit today to fund this gift for your heirs? 18. You grandfather won a lottery years ago. The value of his winnings at the time was $50,000. He invested this money such that it will provide annual payments of $2,500 a year to his heirs forever. What is the rate of return