2. For the last five years Joe has made deposits of $400 at the end of every six months earning interest at 3%

compounded semi-annually. If he leaves the accumulated balance in an account earning 6% compounded quarterly, what will the balance be in Joe's account at the end of another eight years?

3. Find the future value of the following ordinary simple annuity.

Periodic Payment	Payment Interval	Term	Interest Rate	Conversion Period
$421.00	1 month	2.25 years	7%	monthly

4. What is the discounted value of payments of $67.00 made at the end of each month for 4.5 years if interest is

7% compounded

5. An installment contract for the purchase of a car requires payments of $302.07 at the end of each month

for 6 years. Interest is 11% per annum compounded monthly.

(a) What is the amount financed?

(b) How much is the interest cost?