Solve the following time value of money problems.
a. What is the value at the end of year 5 of $20,000 deposited today which yield 10% compounded semi-annually?
b. You invested $3,000 for 5 years, compounded annually and at the end of 5 years received $4,407. What was your annual interest rate?
c. Mr. X will need $10,000 in 40 months. How much should be deposited monthly, assuming monthly compounding at an annual 6 percent rate?
d. Assume Ms. Jones borrowed $10,000 at 7 percent interest for 10 years. What must her equal annual payment be (principal and interest) to fully amortize the loan?