a. What lesson does the future value formula provide for young workers who are looking ahead to retiring some day? b. What is the difference between a series of payments

and an annuity? What are the two specific characteristics of a series of payments that make them an annuity? c. If you invest a sum of money in a bank paying 8 per cent interest per annum,how long does it take: i.to triple your money? ii.to quintuple it?:= d. Ampere Banking Corporation offers two types of certificates of deposit, each requiring a deposit of £10,000. The first one pays £11,271.60 after 24 months,and the second one pays £12,139.47 after 36 months. Find their monthly-compounded rate of return. e. Suppose the price of a house that you are interested in buying is £100,000and you have your £15,000 down payment handy. The bank will loan you there maining £85,000 at 9% annual interest for a 25-year term. Find your monthly payment.