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1. What is the future value of annual payments of $2,950 for 9 years at a 6% interest rate? 2. What is the present value

1. What is the future value of annual payments of $2,950 for 9 years at a 6% interest rate?

2. What is the present value of annual payments of $11,000 for 18 years at an 8% interest rate?

3. How much do you need to donate to your college if you want to endow a $5000 annual scholarship that will last forever? Assume to endowment earns 6% per year.

4. If you have a student loan with an APR of 9% that has monthly payments, what is the EAR that you are paying?

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