1) Andrew and Emma Garfield invested $7,100 in a savings account paying 6% annual interest when their daughter, Angela, was born. They also deposited $1,000 on each of her birthdays until she was 17 (including her 17th birthday).

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

How much was in the savings account on her 17th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.)

Amount on 17th birthday$

2) Hugh Curtin borrowed $33,200 on July 1, 2020. This amount plus accrued interest at 5% compounded annually is to be repaid on July 1, 2025.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

How much will Hugh have to repay on July 1, 2025? (Round answer to 2 decimal places, e.g. 25.25.)

Amount to be repaid on July 1, 2025 $

3) (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

(a) What is the present value of $31,500 due 8 periods from now, discounted at 8%? (Round answer to 2 decimal places, e.g. 25.25.)

Present value $

(b) What is the present value of $31,500 to be received at the end of each of 6 periods, discounted at 9%? (Round answer to 2 decimal places, e.g. 25.25.)

Present value $