1. Alan Quincy wants to withdraw $32,700 each year for 8 years from a fund that earns 15% interest. How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately?

2. Julia Alvarez is investing $366,000 in a fund that earns 10% interest compounded annually. What equal amounts can Julia withdraw at the end of each of the next 20 years?

3. John Inc. will deposit $58,000 in a 4% fund at the end of each year for 6 years beginning December 31, 2017. What amount will be in the fund immediately after the last deposit?

4. Bridgeport Inc. issues $2,193,500 of 10% bonds due in 12 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%. What amount will Bridgeport receive when it issues the bonds?

5. Newman Taylor is settling a $18,930 loan due today by making 6 equal annual payments of $4,094.85. Determine the interest rate on this loan, if the payments begin one year after the loan is signed.