1.You have decided to place $352 in equal deposits every month at the beginning of the month into a savings account earning 7.01 percent per year, compounded monthly for the next 11 years. The first deposit is made today. How much money will be in the account at the end of that time period?
2. What is the present value of the following annuity?
$1,465 every half year at the beginning of the period for the next 12 years, discounted back to the present at 9.76 percent per year, compounded semiannually.
3. You plan to buy a house in 12 years. You want to save money for a down payment on the new house. You are able to place $173 every month at the end of the month into a savings account at an annual rate of 8.94 percent, compounded monthly. How much money will be in the account after you made the last payment?
4. A car dealership offers you no money down on a new car. You may pay for the car for 5 years by equal monthly end-of-the-month payments of $723 each, with the first payment to be made one month from today. If the discount annual rate is 5.02 percent compounded monthly, what is the present value of the car payments?
5. What is the present value of the following annuity?
$2,956 every quarter year at the end of the quarter for the next 6 years, discounted back to the present at 16.29 percent per year, compounded quarterly?