The following problem is about the time value of money and interest rates. (4) a) Steve...

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The following problem is about the time value of money and interest rates. (4) a) Steve wishes to have $100 000 to retire when he turns 65. He plans to deposit $30 000 at a rate of i = 4.6%. At what age must steve make this deposit to reach his goal? (2) = 2%. Steven repaid $3500 today to the bank and will repay the rest of the loan in 6 months. How b) Steve borrowed $13000 from the bank 24 months ago at a rate of i much will Steve need for the final payment in 6 months? c) In an emergency Steve borrowed $100 from a friend for the weekend. He repaid them the $100 plus an extra $2.50 of interest to say thanks at the end of the weekend. What is the effective annual rate charged on the loan from the friend? The following problem is about the time value of money and interest rates. (4) a) Steve wishes to have $100 000 to retire when he turns 65. He plans to deposit $30 000 at a rate of i = 4.6%. At what age must steve make this deposit to reach his goal? (2) = 2%. Steven repaid $3500 today to the bank and will repay the rest of the loan in 6 months. How b) Steve borrowed $13000 from the bank 24 months ago at a rate of i much will Steve need for the final payment in 6 months? c) In an emergency Steve borrowed $100 from a friend for the weekend. He repaid them the $100 plus an extra $2.50 of interest to say thanks at the end of the weekend. What is the effective annual rate charged on the loan from the friend?