Texts:
1) Your relative has promised to remember you in her will. You will receive $1,000,000 thirty-nine years from today. If the annual interest rate is 11 percent, what is the promised inheritance worth today?
2) Twenty years ago, your grandmother opened a bank account in your name. She deposited $1,000 and has let all of the interest accumulate. You plan to retire thirty years from today. If the annual interest rate is (was) 9 percent throughout, how much money will be in the account when you retire?
3) Suppose your distant ancestor deposited $10 in a bank on January 1, 1423. If the bank’s interest rate on deposits was 4.5 percent per year, how much money would you have on January 1, 2023?