60.

Juan Garza invested $103,000 5 years ago at 8 percent, compounded quarterly. How much has he accumulated? Use Appendix A for an approximate answer but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

46.

Using the expectations hypothesis theory for the term structure of interest rates, determine the expected return for securities with maturities of two, three, and four years based on the following data. (Input your answers as a percent rounded to 2 decimal places.)

	Interest Rate
1-year T-bill at beginning of year 1	3	%
1-year T-bill at beginning of year 2	5	%
1-year T-bill at beginning of year 3	6	%
1-year T-bill at beginning of year 4	8	%