1. Jay's Pharmacy owes the same creditor two debts of $6,000 due one year ago and $7,500 due in two years. Jay has proposed making two alternative payments of $10,000 due in three months and a final payment in 2 years. If the creditor is agreeable to this proposal and wants an interest rate of 9% compounded quarterly, what is the amount of the final payment?

2. Your investment of $9,000 that you started six years ago earned 7.3% compounded quarterly for the first 3 years, followed by 8.2% compounded monthly after that. How much interest has your investment earned so far?

3.Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1 years, $17,000 due in 2 years, and $15,000 due in 4 years. He wants to make a single payment of $56,500 instead. Using an interest rate of 8% compounded quarterly, when should this payment be made?

4.

Louisa is shopping around for a loan. TD Canada Trust has offered her 8.31% compounded monthly, Conexus Credit Union has offered 8.33% compounded quarterly, and ING Direct has offered 8.46% compounded semi-annually. Determine the three offers compounded annually and rank them in either ascending or descending order. Round the rate to 4 decimal places.

Rank	Company	Rate
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