14.If the down payment on a piece of land is $7,000 and the annual payments for 8 years are $2,000 per year, what is the value of the land now if i = 5%?

15.What single payment 10 years from now is equivalent to a payment of $5,500 in 3 years if i = 5%?

17.A civil engineer planning her retirement will deposit 10% of her salary each year into a high-technology stock fund. If her salary this year is $50,000 and she expects her salary to increase by 4% each year, how much will she have in the fund after 15 years assuming the fund earns 12% per year?

18.What is the minimum number of year-end deposits that have to be made before the total value of the deposits is at least ten times greater than the value of a single year-end deposit if the interest rate is 12.5%?

19.Assume payments of $2,000, $5,000, and $3,000 are received at t = 3, 4, and 5, respectively. What five equal payments occurring at the end of t = 1, 2, 3, 4, and 5, respectively, are equivalent if i = 10% compounded per period?

20.Tuition costs are expected to increase at a rate of 8% per year. The first year's tuition is due one year from now and will be $2,000. A fund is to be set up today to cover tuition costs for 4 years in an account that will earn interest rate (i). How large must the fund be if: (a) i = 5% (b) i = 8% (c) i = 10%