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QUESTION

Question 1.  Sarah Wiggum would like to make a single investment and have $1.6 million at the time of her retirement in 35 years. She has found a retirement fund that will earn 3% annually. How much will Sarah have to invest today? If she earned an annual return of 20%, how soon could she then retire? Question 2. Much to your surprise, you were selected to appear on the TV show, "The Price is Right." As a result of your prowess in identifying how many rolls of toilet paper an average American family keeps on hand, you win the opportunity to choose one of the following:$2,000 today, $10,000 in 10 years, or$31,000 in 29 years. Assuming you can earn 16% on your money, which should you choose?
Question 3.  What is the present value of a $650 perpetuity discounted back to the present at 10%? What is the present value of the perpetuity? Question 4. Alex Karez has taken out a loan of$180,000 with an annual rate of 10% compounded monthly to pay off hospital bills from his wife’s illness. If the most Alex can afford to pay is $3,500 a month, how long will it take to pay off the loan? How long will it take to pay off the loan if he can pay$4,000 each month? Use five decimal places for the monthly percentage rate in your calculations. If Alex can pay \$3,500 a month, how many years will it take to pay off the loan?