1)Find the future value of the following ordinary annuity, compounded annually: $1,000 per year for 10 years at 7.5% interest. Please round your annswer to the nearest penny. Then rework the problem assuming it is an annuity due.

2) Find the present value of the following ordinary annuity: $800 per year for 8 years. The nominal interest rate is 4%. Assume discounting occurs once a year. Please round your answer to the nearest penny.

3) Find the future value of $1,750 invested today at 6% interest compounded quarterly for 5 years. Please round your answer to the nearest penny.

4) You are attempting to purchase your dream home. The price is $350,000 and you plan on putting a $75,000 down payment. You have secured an interest rate of 4.38% on a 30 year fixed mortgage. Your payments begin at the end of the month. Please calcuate your monthly mortgage payment.

5) Steve and Sandee began working for the same company when they were 20 years old. Sandee began putting away $1500 per year in the 401k Plan as soon as she began working there. She continued to do so until she quit at the age of 25. AFter that she left the money there until she retired at the age of 65, with no additional deposits. Steve did not begin contributing until he was 35 years old, when he began contributing $3,000 per year until he retired at the age of 65. Assuming an annual interest rate of 6%, how much money had each accumulated at retirement?

Subject | Business |

Due By (Pacific Time) | 06/16/2014 08:00 pm |

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