1.You must make a payment of $115.76 in 3 years. If a bank pays a guaranteed 5% interest rate each year, how much would you need to deposit now to have $115.76 in 3 years?

2.Suppose we need to accumulate $10,000 and have it available 5 years from now. Suppose further that we can earn a return of 6% on our savings, which are currently zero. How much we need to deposit each time period?

3.For the preceding question, suppose you decide to make end-of-year deposits, but you can only save $1,200 per year. Again assuming that you would earn 6%, how long would it take you to reach your $10,000 goal?

4.Now suppose you can only save $1,200 annually, but you still must have $10,000 in only 5 years. What rate of return would you have to earn to achieve your goal?

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