1.MichaelJackson invests $32,500at10% annual interest, leaving the money invested without withdrawing any of the interest for10years. At the end of the10years,Michaelwithdraws the accumulated amount of money. Compute the amountMichaelwould withdraw assuming the investment earns simple interest.(Round answers to 0 decimal places, e.g. 458,581.)

2.Using the appropriate interest table, answer each of the following questions. (Each case is independent of the others.)What is the future value of $7,160at the end of5periods at8% compounded interest?(Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

3.Using the appropriate interest table, answer the following questions. (Each case is independent of the others.)What is the future value of22periodic payments of $4,970each made at the beginning of each period and compounded at8%?(Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

4.GrouperCompany recently signed a lease for a new office building, for a lease period of12years. Under the lease agreement, a security deposit of $14,850is made, with the deposit to be returned at the expiration of the lease, with interest compounded at5% per year.

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What amount will the company receive at the time the lease expires?(Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

5.AdamsWeatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to make a fund on an10% basis that will enable him to withdraw $18,140per year on June 30, beginning in 2024 and continuing through 2027. To develop this fund,Adamsintends to make equal contributions on June 30 of each of the years 2020-2023.How much must the balance of the fund equal on June 30, 2023, in order forAdams to satisfy his objective?(Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Balance of the fund equal on June 30, 2023

6.SweetCompany purchased a machine at a price of $96,100by signing a note payable, which requires a single payment of $151,215in4years.

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Assuming annual compounding of interest, what rate of interest is being paid on the loan?

7.(a) AnthonyFinley wishes to become a millionaire. His money market fund has a balance of $287,270and has a guaranteed interest rate of10%. How many years mustAnthonyleave that balance in the fund in order to get his desired $1,200,000?

(b)Assume thatMichelleWilliams desires to accumulate $1,200,000in15years using her money market fund balance of $222,200. At what interest rate mustMichelle's investment compound annually?(Round answer to 0 decimal places, e.g. 5%.)