1. If your credit card has a quoted annual percentage rate of 24% but is compounded daily (m=365), what is the effective annual rate? Round to two decimal places and express as a percent (e.g., 5.20%, not .052).

2. You won a lottery that has agreed to pay you $1,000 at the beginning of each month for the next 4 years. If put your winnings in an account earning 5% interest, how much will you have by the end of the 4 years?

3. Starting at the end of this year, you plan to make annual deposits of $4,000 for the next 8 years followed by a final deposit of $12,000 in year 9. The deposits earn interest of 3.0%. What will the account balance be by the end of 15 years? Round to the nearest cent.

4. An asset is projected to generate 8 annual cash flows of $10,000 starting 2 years from today. If the discount rate is 12%, how much is this asset worth today? Round to the nearest cent.