What is the present value of an annuity consisting of 8 quarterly payments of $430, with the first payment to occur three months from now, if the interest rate is 12% p.a.? (Hint: You need to calculate the quarterly interest rate before you can use the annuity formula.)
What is the future value of 7 semi-annual payments of $465, with the first payment to occur six months from today if the interest rate is 4% pa? (Don't forget to calculate the semi-annual interest rate before using the annuity formula.)