(TCO A) Use future or present value techniques to solve the following problems.
(Note: You can use tables or a financial calculator. If you use a calculator, please provide the inputs you used to solve the problems.) (5 points each = total 20 points)
a. Starting with $10,000, how much will you have in 10 years if you can earn 10% on your money?
b. If you inherited $50,000 today and invested all of it in a security that paid an 8% rate of return, how much would you have in 15 years?
c. If the average new home costs $250,000 today, what will be the value in 10 years if inflation is 3% per year?
d. If you can earn 8% per year, how much will you have to save each year if you want to retire in 35 years with $2 million?