1) An annuity pays $7500 on January 1 of each year, starting on January 1, 2000. If 21 payments are made and the effective rate of interest is 7.6 percent, what is the present value of the annuity on January 1, 1999?

2) An annuity pays $6500 on January 1 of each year, starting on January 1, 2000. If 16 payments are made and the effective rate of interest is 8.1 percent, what is the present value of the annuity on January 1, 1999?

3) A company establishes a sinking fund to pay off a debt of $130,000 due in 8 years. The sinking fund will earn 6% compounded weekly. Find the amount of the weekly deposits into the fund.

4) Jessica borrowed $4500 from the bank in order to buy a new piano. She will pay it off by equal payments at the end of each week for 2 years. The interest rate is 3% compounded weekly. Determine the size of payments and total interest paid.