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Problem 3 (12 points) Answer each of the three independent situations, and be sure to show your work. Round all answers to nearest whole number. (A) Buck has land that he wants to sell. The land has an original cost of $50,000. Buck accepts in exchange a note receivable with a principal balance of $60,000. The note pays interest at only 1% per year, with the principal due in 5 years. If the market rate of interest for this note receivable is (B) The DePuy Company is going to be issuing bonds with a principal amount of $50,000. The bonds pay 4% interest, payable semi-annually, with payments on July 1 and Jan. 1 . The bonds will mature in 5 years. At the time the bonds are to be issued, the market rate of interest is 6%. How mueh mnnev. will DePuv receive at the time the bonds are issued? (C) Chance wants to save moncy to become a millionaire by age 42 (20 years). Chance currently has $50,000 to put into an investment. He can save money every year to put into an investment (at the cod of the yerr If the investment earns 10% ner year, bow much will Chance need to save to reach his goal