1A:

Alta and Snowbird are offering a new AltaBird lifetime pass for $379 a quarter but you have to lock-in and make your first payment today. Sabine estimates that she will get 25 years of use from the pass, which at the end of 25 years should have a value of $243,215. What interest rate did Sabine use in her calculation of the $243,215 number if she assumed that payments would be made at the beginning of each quarter?

Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals.

Enter percentage answers as a positive percentage % rounded to 2 decimal places. For example 0.123456 should be enter as: 12.35 (##.##)

1B:

Stacy will receive equal payments of $677 at the beginning of each month with her first payment received in 3 years from today and her last payment received 30 years from today. Find the present value of these payments at the beginning of year 7 if the interest rate is 2.54%.

Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals.

Enter numerical answers as a positive number rounded to 2 decimal places (###.##)

1C:

Suppose Chris plans to make a $1,128 savings payment at the beginning of each month for 15 years with his first payment 7 years from today. Use this information and assume an interest rate of 6.58% per year to find the future value of his savings payments.

Other questions to think about

1. At what point in time will he realize this future value?

2. If he leaves this money in his account and makes no further savings deposits, how much will he have at the end of year 10?

Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals.

Enter numerical answers as a positive number rounded to 2 decimal places (###.##)