1. Anchors are ubiquitous in financial markets. Give some examples.
2. Adam owns property that has an assessed value of $87,500. Find the tax due if the tax rate is $8.79 per $100 of the assessed value.
3. You are scheduled to received annual payments of $3,600 for each of the next 12 years. The discount rate is 8 percent. What is the difference in the present value if you receive these payments at beginning of each year rather than at the end of each year?