22. Joe Diamond deposited $9,000 into the Rong Bank that pays 12 percent interest, compounded quarterly.

Use the Amount of 1 Table to calculate the amount Joe will have in his account at the end of 4 years, hint, divide the interest rate by 4 so it is 3% for 12 periods.

23. Mark Larken promised his grandson Ralph that he would hive him $3,000, 6 years from today for graduating high school. If money is worth 10 percent compounded semiannually, what is the present value of this money? Hint: use the present value of 1 for 5% for 12 periods.

25. Mel Ross thinks he would like to pay his car loan in 5 years. He borrows $20,000 will be available. His bank offers him 12 percent interest, compounded semiannually.

Calculate what Mel must invest today? Use the PV of annuity table for 10 periods at 6% per period and the loan will be paid off in 5 years.