Answer the following independent questions:
a. You borrowed $ 15,000 from a friend and promised to repay the loan in seven equal annual installments. Installments begin at the end of the first year. What are the annual payments required to pay back your friend, who would like to earn 4% annual interest, compounded annually?
b. Stillwell Corporation has an outstanding debt of $ 89,800. Assume no interest will accrue on the debt. It has $ 50,000 to invest in a fund earning 5% interest, compounded annually. How many years will it take Stillwell to earn enough money to pay back the debt?
c. Zenith & Co. purchases jewelry from a supplier for $ 60,020.50. Zenith uses a note to pay for the jewelry that requires the company to make seven annual payments of $ 10,000. Payments begin at the end of the first year. What interest rate is used in this agreement?
d. Your parents wish to accumulate $ 200,000 to purchase a summerhouse on the Jersey Shore in 10 years. They would like to make deposits into a fund earning 8% interest, compounded semiannually. Deposits begin at the end of the first year. Determine the semiannual deposits required to purchase the home.