1. A payment of $9,500 was made into an account at the end of every 3 months for 12 years.

a. If the interest rate for the first 6 years was 3.00% compounded monthly, calculate the future value at the end of the first 6 years.

Round to the nearest cent

b. If the interest rate for the next 6 years was 4.00% compounded annually, calculate the future value at the end of the 12 year term.

2.

Morgan pays $223.22 for a car lease at the beginning of every quarter for 9 years and 3 months at 4.46% compounded quarterly.

a. What type of annuity is this?

Ordinary simple annuity

Ordinary general annuity

Simple annuity due

General annuity due

b. How many payments are there in this annuity?