2 Suppose you wish to have $10,000 in your savings account at the end of the next 3 years. Assume that the account offers a return of 9 percent per year subject to monthly compounding. How much would you need to invest now so as to have the specified amount after the three years?

[1] .3 A man borrows a loan of $20,000 to purchase a car at annual rate of interest of 6%. He will pay back the loan through monthly instalments over 5years, with the first instalment to be made one month after the release of the loan. What is the monthly instalment he needs to pay?

[1] .4 Calculate the present value of an annuity-immediate of amount$100 payable quarterly for 10 years at the annual rate of interest of 8% convertible quarterly. Also calculate its future value at the end of 10 years.

[1] .5 A small-scale businessman deposits money at the beginning of each year into his savings account, depending on the level of the business returns. He deposits $1000 in the first year, $3000 in the second year, $5000 in the third and $7000 in the fourth year and annual interest rate of 7%. What is the closest value of the accumulated money in the savings account at the beginning of year 4?