1.In one year, you will make an initial deposit in the amount of $6,000 in a new savings account. You plan to make additional deposits in the same amount of $6,000 for 9 years after the initial deposit. There will only be these 10 deposits and no withdrawals made to your account. Assume the interest rate you will earn is 3% per year. How much will your account be worth in 10 years?

2.Assume the appropriate discount rate is 7%. You will receive a payment every year for the next 14 years, which will grow at 3% annually. The amount of the first payment will be $5,000. What is the current value of this series of payments?

3.Today, you begin to receive payments of equal amounts at the beginning of each year for 6 years (including the payment you receive today). Assume the appropriate discount rate is 7%. If the present value of this series of payments is $20,000, what must be the amount of each payment?

4.You have a $7,000 balance on your credit card, which has an effective monthly interest rate of 1.25%. How many months will it take you to pay off the balance by making monthly payments of $300?

5.In Canada, which of the following is not a major legal form of business organization?

6.Assume the appropriate discount rate is 8%. What is the value 10 years from today of an annuity that makes payments of $5,000 per year if the first payment is made 11 years from now and the last payment is made 18 years from now?

7.Today, you open a new savings account and deposit $4,000. No other deposits or withdrawals are made to your account. Assume you will earn 2% simple interest per year. How much will your investment be worth in 25 years?