Present Value-What is the present value of a $1,550 payment made in seven years when the discount rate is 9 percent? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Present value=
Interest-on-Interest. Consider a $1,500 deposit earning 8 percent interest per year for five years.
What is the future value? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Future value=
How much total interest is earned on the original deposit? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Total interest earned=
How much is interest earned on interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Interest earned on interest=