1) Kelly started setting to the left funds 10 years ago to purchase some latest equipment for her firm. She has kept $6,880 each quarter and earned the average rate of return of 10 percent. Compute the money which she has at present have saved for this purpose?
2) If effective rate is 7%. Determine the nominal rate if compounding is daily. Find the number of months it will take to raise your money from $3,280 to $6,112 if you can earn the interest of 16% compounded monthly?
3) Determine future value of $7,514 for 12 years at 7 percent if interest is compounded semi-annually? What is the future value of $846 invested for 23 years at 10% if interest is compounded semi-annually? In order to purchase a house, you take the loan of 100,000 at 7.5% for period of 13 years. Calculate the balance remaining at the ending of 5 years.