7)

Bob deposits $5000 at the end of each year in an ordinary annuity paying3% interest compounded annually. Find the amount he will have on deposit after12years.

8)

Green Thumb Landscaping wants to build a $140,000greenhouse in 2 years. The company sets up a sinking fund with payments made quarterly. Find the payment into this fund if the money earns 8% interest compounded quarterly.

Sandra deposits $3000 in an ordinary annuity at the end of each semiannual period at3% interest compounded semiannually. Find the amount she will have on deposit after12years.

10)

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent.

$1000 invested annually for12years at5% interest compounded annually

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to the nearest cent.

Annual payments with3.1% interest compounded annually for9years.to accumulate$4400

(5pts)

12)

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to the nearest cent.

Annual payments with6.5% interest compounded annually for23years to accumulate$4000

(5pts)