1. value: 1.00 points Complete the following without using Table 12.1. (Round the "Total amount" and "Total interest" to the nearest cent.) Principal Time (years) $1,320 Rate of compound interest 2 8% Compounded Periods Rate % Semiannually Total amount Total interest $ $ 2. value: 1.00 points Complete the following using compound future value. (Use the Table provided.) (Round your answers to the nearest cent.) Rat Compounde Time Principal e d Amount Interest $ $ 10 years $17,100 4% Annually 3. value: 1.00 points Complete the following using compound future value. (Use the Table provided.) (Do not round intermediate calculations. Round your answers to the nearest cent.) Time 6 years Principal $15,900 4. value: 1.00 points Principal: $16,300 Interest rate: 8% Compounded Quarterly Rate 10% Compounded Quarterly Amount $ Interest $ Calculate the effective rate (APY) of interest for 1 year. (Use the Table provided.) (Do not round intermediate calculations. Round your final answer to the nearest hundredth percent.) Effective rate % 5. value: 1.00 points Complete the following using present value. (Use the Table provided.) (Do not round intermediate calculations. Round the "PV factor" to 4 decimal places and final answer to the nearest cent.) Amount desired at Length of Rat Compounde end of period time e d $10,100 3 years 18% On PV Table Period PV factor used Rate used used PV of amount desired at end of period $ Monthly % 6. value: 1.00 points Complete the following using present value. (Use the Table provided.) (Do not round intermediate calculations. Round the "Rate used" to the nearest tenth percent. Round the "PV factor" to 4 decimal places and final answer to the nearest cent.) Amount desired at Length of Rat Compounde end of period time e d $7,100 9 years On PV Table 12.3 Period PV factor used Rate used used PV of amount desired at end of period $ 2% semiannually % 7. value: 1.00 points Complete the following using present value. (Use the Table provided.) (Do not round intermediate calculations. Round the "PV factor" to 4 decimal places and final answer to the nearest cent.) Amount desired at Length of Rat Compounde end of period time e d On PV Table 12.3 Period PV factor used Rate used used PV of amount desired at end of period $20,100 4 years 12% $ Quarterly % 8. value: 1.00 points Complete the following using present value. (Use the Table provided.) (Do not round intermediate calculations. Round the "PV factor" to 4 decimal places and final answer to the nearest cent.) Amount desired at Length of Rat Compounde end of period time e d $20,300 12 years 11% Semiannuall y On PV Table 12.3 Period PV factor used Rate used used PV of amount desired at end of period $ % 9. value: 1.00 points Find the future value. (Use the Table provided.) (Do not round intermediate calculations. Round the "FV factor" to 4 decimal places and final answer to the nearest cent.) Present value $4,770.37 Compounde On FV Table 12.1 d Period usedRate usedFV factor usedFuture value $ 20% Quarterly 28 5% Length of timeRate 7 years 10. value: 1.00 points Sam Long anticipates he will need approximately $226,000 in 13 years to cover his 3-year-old daughter's college bills for a 4-year degree. How much would he have to invest today at an interest rate of 10 percent compounded semiannually? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Amount $ 11. value: 1.00 points Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 10% interest compounded semiannually. Four Rivers offers 8% interest compounded quarterly. Melvin has $11,800 to invest. He expects to withdraw the money at the end of 8 years. Calculate interest for each bank and identify which bank gives Melvin the better deal? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Mystic Interest $ $ Four Rivers Better deal (Click to select) 12. value: 1.00 points Pete Air wants to buy a used Jeep in 7 years. He estimates the Jeep will cost $17,500. Assume Pete invests $12,500 now at 6% interest compounded semiannually. a. Calculate the maturity value of the investment. (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value $ b. Will Pete have enough money to buy the Jeep at the end of 7 years? Yes No 13. value: 1.00 points Lynn Ally, owner of a local Subway shop, loaned $59,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 7 years with 10% interest compounded semiannually. How much will Lynn receive at the end of 7 years? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Amount to be received $ 14. value: 1.00 points Jazelle Momba wants to visit her family in Zimbabwe in 2022, which is 7 years from now. She knows that it will cost approximately $8,400 including flight costs, on-the-ground costs, and extra spending money to stay for 4 months. If she opens an account that compounds interest at 8% semiannually, how much does she need to deposit today to cover the total cost of her visit? (Use Table 12.3.) (Round your answer to the nearest dollar.) Deposit 15. $ value: 1.00 points You choose to invest your $3,085 income tax refund check (rather than spend it!) in an account earning 4% compounded semiannually. How much will the account be worth in 5 years? (Use the Tableprovided.) (Round your answer to the nearest cent.) Worth $ 16. value: 1.00 points Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 7 years. He estimates the roof will cost him $9,900 at that time. What amount should Jim invest today at 4% compounded quarterly to be able to pay for the roof? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Amount to be invested $ 17. value: 1.00 points Lance Jackson deposited $5,500 at Basil Bank at 9% interest compounded daily. What is Lance's investment at the end of 3 years? (Use Table 12.2.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Investment 18. $ value: 1.00 points Paul Havlik promised his grandson Jamie that he would give him $6,900 5 years from today for graduating from high school. Assume money is worth 6% interest compounded semiannually. What is the present value of this $6,900? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Present value $