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Section 3 (7.5 Marks) [CLO 3 3.1 Suppose you invest $10,000 for one year at...

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Section 3 (7.5 Marks) [CLO 3 3.1 Suppose you invest $10,000 for one year at 5% per year, what is the future value in 10 years? (2.5 Marks) 3.2 You want to begin saving for your son's college education and you estimate that he will need $ 100,000 in 1 5 years. If you feel confident that you can earn 5% per year, how much do you need to invest today? (2.5 Marks) 3.3 Suppose that you want to purchase a new car, and you are willing to pay $30,000. If you can invest at 5% per year and you currently have $20,000, how long will it be before you have enough money to pay cash for the car? (2.5 Marks)

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