1) Hendrick Audio will receive semiannual payments of $8,800 at the beginning of each semiannual period for 5 years. If an 12% annual discount rate is assumed, how much would this payment plan be worth in todays dollars (assume semiannual compounding is used)?

2) On May 26, Vision Apparel has a customer purchase goods on account with a list price of $770. This transaction is subject to a 15% off promotion that the company is running. Ignore any inventory entries. Record this transaction into a journal entry.

3) Great Tires Corp. wants save $783,000 by December 31, 20X7, for new trucks. How much must the company deposit into an 11% account today on January 1, 20X3, to obtain the funds in time?