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6:491 X MATH 1218 --... Q .. . 8.4 (When necessary, round answers up to the nearest dollar) 1 1) On the day that your child is born, you decide to open a CD for a college fund where he/she is able to access the on his/her 18th birthday. You make payments of $250 each month at a rate of 5.5% compounded monthly. a. How much is in the CD on your child's 18th birthday? b. How much interest is earned on the annuity? 12) You would like to earn $550,000 in 40 years. The interest rate is 7% compounded monthly. What amount must yo deposit each month in order for you to accumulate the desired goal? Edit in Google Docs 8.2 (Round time to the nearest year and rate to the nearest tenth of a percent). 13) a. You invest $12,500 in a that is increasing in value at 8.5% compounded annually. How long will it take for the8.2 (Round time to the nearest year and rate to the nearest tenth of a percent). 13) a. You invest $12,500 in a that is increasing in value at 8.5% compounded annually. How long will it take for the investment to reach $24,000? (Show steps of solving a logarithmic equation for full points). b. Suppose that you wanted to earn the same amount of money in 5 years. What interest rate (still compounded annually) would you need in order to achieve this goal? 14) A loan has a rate of 15% compounded quarterly. Find the effective rate of interest rate of the loan. 8.3 (Round all answers to the numb 15) The activitx on your Visa card is s own e ow