1. You decide to invest $15000 into a bank account that that is compounding its

1. You decide to invest $15000 into a bank account that that is compounding its interest monthly. Assuming the bank is paying out an interest rate of the current prime rate 1% (In the event that prime 1% is less than 1% use 1%) and the investment is for 5 years a) How much money (total) do you have after the 5 years pass? b) How much do you earn in interest over the 5 years? Question 2 (10 points) 2. You wish to have $500000 saved up in 30 years. Assuming that you can get an interest rate of prime + 5% on your investment (compounded quarterly.) a) How much do you need to invest today to have $500000 30 years in the future? b) How much of that total is interest? Question 3 (10 points) 3. You borrow $50000 at 5% interest (compounded daily). a) After 1 year passes you pay off $25000 of the loan. How much do you still owe on the loan? b) After another year passes you wish to pay off the loan. How much do you need to pay to pay it off?

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