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5. Emma won $150,000 in the lottery. She wants to have $300,000 in 15 years....

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5. Emma won $150,000 in the lottery. She wants to have $300,000 in 15 years. How much does she need to invest today at 10 percent interest, compounded monthly, to reach her goal? 6. Joe saves $500 per year. He puts his money in a credit union account that yields 1 percent interest, compounded annually. What is Joe's balance at the end of 10 years? 7. Katie deposits $600 a year at 2 percent, compounded monthly. What is nei balance after 10 years? (Hint: Divide her deposit into monthly deposits.) 8. Rick borrows $20,000 from his credit union. He chooses a 6-year loan a 8 percent. What is his monthly payment? 9. Amy wants to pay cash in six years for a $45,000 new car. Her savings account pays 3 percent, compounded quarterly. She wants to have her savings taken out of her check automatically. She gets paid on the 1st an 15th of every month. How much is her paycheck deduction? (Hint: Calcu her quarterly savings first; then covert that into a bi-monthly deposit.) Michael puts $ 100 in a CD for his newborn daughter. The CD pays percent compounded monthly. What is the CD worth on her daught 21st birthday? 1 her daughter's 11 Mo ananodowcosinca

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