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3. With an annual discount rate of 3%, $10 million at the beginning of each year for the next 20 years, is worth how much today? 4. An insurance company made an investment of $1 million four years ago. The interest rate was 4.6% a year with weekly compounding (52 weeks in a year). How much money does the firm have today? Going forward the firm will pay out $200,000 a month from this account while earning 0.5% a month on the money. What will the firm have in the account seven years from now? 5. A couple bought a house for $200,000 three years ago with 20% down and a 15 year mortgage with an interest rate of 4% a year. What were the monthly payments? Today the couple is refinancing the house with a 12 year loan and an annual rate of 3.4% a year. How much is owed on the original loan after the three years? What will be their new monthly payments? 6. A couple invests $5,000 a year (end of year) in a retirement fund that earns 6.2% annually. After 35 years, how much money will they have? After the 35 years, they start to withdraw $29,000 at the end of every year while earning 5% on their money. How much money will they have after 25 years? When will they run out of money? Explain

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