un Problem (10 points). Given below are several situations that require the use of time value of money techniques to answer. (a) (b) SAFFRON AND SAFFRON COMPANY TIME VALUE OF MONEY PROBLEMS Saffron has consolidated all of her debt into one lump sum of $9,800. She wants to make monthly payments of $95 on the debt beginning at the end of this month. If the bank is charging her an annual interest rate of 8% on the debt, how many months will it take her to pay off the debt? Saffron Company needs to have $2,000,000 available in eight years to retire bonds. If the company intends to make $45,000 quarterly deposits into a sinking fund over the eight years at the beginning of each quarter, what annual interest rate will they have to earn on the fund to accomplish this? (c) Saffron is going to invest $100 at the beginning of each month into a retirement account for the next 42 years that she will work. If the retirement fund will earn an average rate of 6% for the first 20 years and 8% for the remaining 22 years, how much will Saffron have in the account when she retires? (d) Saffron's son is going to begin college in 15 years. At that point in time, she would like to have sufficient funds in an investment account to be able to withdraw $20,000 semiannually, at the beginning of each period, for the four years he expects to be in college. If the investment account is estimated to earn an average of 10% per year, compounded semiannually, how much will she need to deposit in the investment account every six months to accomplish this? REQUIRED: Calculate the amounts requested, using time value of money concepts. Round all dollar amounts to the nearest whole dollar, all interest rates to four decimal places (two decimal places for the percentage), and all time periods to one decimal place.

Given below are several situations that require the use of time value of money techniques to answer. REQUIRED: Calculate the amounts requested, using time value of money concepts. Round all dollar amounts to the nearest whole dollar, all interest rates to four decimal places (two decimal places for the percentage), and all time periods to one decimal place