Juan Martin and Melanie have a new grandson. How much money should they invest now so that he will have \( \$ 74,000 \) for his college education in 18 years? The money is invested at \( 6.35 \% \) compounded annually.

Suppose that \( \$ 8500 \) is placed in an account that pays \( 17 \% \) interest compounded each year, Assume that no withdrawals are made from the account, Follow the instructions below, Do not do any rounding. (a) Find the amount in the account at the end of 1 vear. (b) Find the amount in the account at the end of 2 years. \( \$ 11637.15 \)

Suppose Lisa borrows \( \$ 7500 \) at an interest rate of \( 4 \% \) compounded each year. Assume that no payments are made on the loan. Follow the instructions below. Do not do any rounding. \[ \begin{array}{l}\text { (a) Find the amount owed at the end of } 1 \text { year. } \\ \text { (b) Find the amount owed at the end of } 2 \text { years. }\end{array} \]

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If \( \$ 3000 \) is invested in a bank account at an interest rate of \( 9 \% \) per year, Find the amount in the bank after 5 years if interest is compounded annually: Find the amount in the bank after 5 years if interest is compounded quaterly: Find the amount in the bank after 5 years if interest is compounded monthly: Finally, find the amount in the bank after 5 years if interest is compounded continuou

Scott invested a total of \( \$ 6300 \) at two separate banks. One bank pays simple interest of \( 10 \% \) per year while the other pays simple interest at a rate of \( 6 \% \) per year. If Scott earned \( \$ 502.00 \) in interest during a single year, how much did he have on deposit in each bank? Scott had \( \$ 3100 \) on deposit at the bank that payed \( 10 \% \) interest.