Question 1 (5x2 Marks) 1. In order to update a production process, a company can spend money now or four years from now. If the amount later would be $30,000, what equivalent amount should the company spend now at an interest rate of 10% per year? 2. If you have $1,000,000 when you retire, how long will you be able to withdraw $100,000 per year if the account earns at a rate of 8 % per year? 3. At what interest rate per year, $20,000 today is equivalent to $30000 in 6 years? 4. How long will it take for $1000 to double if the interest rate is 5% per year using Rule of 72? 5. A truck company purchased a used dump truck for $20,500. The company paid $5,500 as down payment and financed the remaining amount at an interest rate of 10% for five years. How much would be the annual payment required for such purchase