1.)Find the accumulated amount at the end of 2 months on a $200 bank deposit paying simple interest at a rate of 6% per year.

2.)Jack and Tracy would like to have $7,000 for a down payment on a new condo.A savings account at their local credit union will pay 2% per year compounded monthly.How much should they deposit now in this account to have the down payment in 3 years?

3.)Framing Art Inc. will need to purchase two new cashier machines in 3 years, at a cost of $137 each.A savings account pays 2% per year compounded quarterly.How much should Framing Art Inc. deposit now in this account to have the cash available in 3 years to pay cash for both machines?

4.)John wishes to set up an account for his grandfather so that he can have some extra money each month.John wants his grandfather to be able to withdraw $130 per month for the next 4 years.How much must John invest today at 7% per year compounded monthly so that his grandfather can withdraw $130 per month for the next 4 years?

5.)John got a part time weekend job at a local restaurant to save for a new car.He plans on depositing $110 per month for the next 2 years in a savings account with a rate of 6% per year compounded monthly.How much will he have saved toward his down payment at the end of the 2 year period?