1.You have accumulated $1,324,330 for your retirement. How much money can you withdraw for the next 11 years in equal annual end-of-the-year cash flows if you invest the money at a rate of 15.32 percent per year, compounded annually?

2. What is the present value of the following future amount? $497,893, to be received 9 years from now, discounted back to the present at 8.96 percent, compounded daily.

Round the answer to two decimal places.

3. You have been offered the opportunity to invest in a project that will pay $1,678 per year at the end of years one through three and $14,075 per year at the end of years four and five. If the appropriate discount rate is 5.8 percent per year, what is the present value of this cash flow pattern?

Round the answer to two decimal places.

4. Large-cap stocks had the nominal rates of return of 11.91 percent. The rate of inflation during the last year was 2.44 percent. What is the real rate of return for large-cap stocks?

Round the answer to two decimal places in percentage form.

5. You are going to save money for your sons education. You have decided to place $2,555 every half year at the end of the period into a saving account earning 10.03 percent per year, compounded semi-annually for the next 13 years. How much money will be in the account at the end of that time period?

Round the answer to two decimal places.

6. How many years will the following take? $980 to grow to $24,368 if invested at 14.92 percent, compounded annually.

Round the answer to two decimal places.

7. You have decided to place $683 in equal deposits every month at the beginning of the month into a savings account earning 6.15 percent per year, compounded monthly for the next 3 years. The first deposit is made today. How much money will be in the account at the end of that time period?

Round the answer to two decimal places.

8. What is the present value of the following annuity? $2,138 every year at the end of the year for the next 7 years, discounted back to the present at 19.06 percent per year, compounded annually?

Round the answer to two decimal places.

9. At what annual rate would the following have to be invested? $3,578, to grow to $28,217, in 23 years.

Round the answer to two decimal places in percentage form

10. What is the accumulated sum of the following stream of payments? $1,708 every year at the end of the year for 13 years at 9.42 percent, compounded annually.

Round the answer to two decimal places.

11. To what amount will the following investment accumulate? $11,735, invested today for 34 years at 6.37 percent, compounded monthly.

Round the answer to two decimal places.

12. What is the present value of a $222 perpetuity discounted back to the present at 14.84 percent.

The answer should be calculated to decimal places.

13. What is the present value of the following annuity? $4,715 every half year at the end of the period for the next 14 years, discounted back to the present at 4.41 percent per year, compounded semiannually.

Round the answer to two decimal places.

14. You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 12.66 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan?

Round the answer to two decimal places in percentage form.

15. A commercial bank will loan you $49,022 for 8 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 10.23 percent of the unpaid balance. What is the amount of the monthly payments?

Round the answer to two decimal places.