1. Suppose an Exxon Corporation bond will pay $4,500 ten years from now. If the going interest rate on safe 10-year bonds is 5.70%, how much is the bond worth today?

2. Suppose a State of California bond will pay $1,000 eight years from now. If the going interest rate on these 8-year bonds is 6.6%, how much is the bond worth today?

3. Bob has $2,500 invested in a bank that pays 4.5% annually. How long will it take for his funds to double?