Q1. If a company sets aside $1,000,000 now into a contingency fund, how much will the company have in 2 years, if it does not use any of the money and the account grows at a rate of 10% per year Q2. If interest is compounded at 20% per year, how long will it take for $50,000 to accumulate to $86,400? Q3. A new engineering graduate who started a consulting business borrowed money for 1 year to furnish the office. The amount of the loan was $23,800, and it had an interest rate of 10% per year. However, because the new graduate had not built up a credit history, the bank made him buy loan- default insurance that cost 5% of the loan amount. In addition, the bank charged a loan setup fee of $300. What was the effective interest rate the engineer paid for the loan?