Financial investment

1. Your brother has offered to give you either $5000 today or $10,000 in 10 years. If the interest rate is 7% per year, which option is preferable?

2. Your bank pays 2.5% interest per year. You put $1000 in the bank today and $500 more in the bank in one year. How much will you have in the bank in two years?

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Your cousin is currently 12 years old. She will be going to college in six years. Your aunt and uncle would like to have $100,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 4% per year, how much money do they need to put into the account today to ensure that they will have $100,000 in six years?

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