15) On July 1, 2010, a customer has agreed to make six, $2,000 quarterly cash payments staring October 1, 2010 and $6,000 on July 1, 2013 in exchange for a piece of equipment that cost you $12,000. If the annual interest rate is 8% and the how much profit did you earn on the sale of the equipment?

19)

You want to have $50,000 in a savings account 8 years from today and you are going to make payments every month to achieve this goal. To determine the amount of monthly payments you have to make starting today you will need to use which of the following?

future value of an annuity of $1 per period

present value of an annuity of $1 per period

future value of the amount of $1

present value of the amount of $1