7.Compute the present value of an annuity of $ 602 per year for 21 years, given a discount rate of 7 percent per annum. Assume that the first cash flow will occur one year from today (that is, at t = 1).(Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

8.You just won a contest. The prize is a lump sum payment of $ 78,238 , however, you will not receive this payment for 25 years. Compute the present value of your prize assuming a discount rate of 13 percent per annum.(Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

9.Compute the present value of an annuity of $ 900 per year for 23 years, given a discount rate of 7 percent per annum. Assume that the first cash flow will occur one year from today (that is, at t = 1).(Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

10.Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. Bill is thinking about refinancing his house so he would like to know the payoff on his current loan. Assuming that he just made payment number 127 , compute the payoff on Bill's loan.(Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

11.I plan to deposit $ 416 into my retirement every year for the next 25 years. The first deposit will be made today (that is, at t = 0) and the last deposit will be made at the end of year 24 (that is, at t = 24). I plan to make no other deposits. Assuming that I will earn 9.77 % p.a. on my retirement funds, how much money will I have accumulated 36 years from today (that is, at t = 36)?(Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

12.Assume that you deposit $ 1,331 each year for the next 15 years into an account that pays 14 percent per annum. The first deposit will occur one year from today (that is, at t = 1) and the last deposit will occur 15 years from today (that is, at t = 15). How much money will be in the account 15 years from today?(Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

13.How much must you deposit in an account today so that you have a balance of $ 7,561 at the end of 9 years if interest on the account is 10 % p.a., but with quarterly compounding?(Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

14.The Milken Company is offering you an investment that promises you $10,000 at the end of 13 years if you invest $ 5,569 today. What is the annual return on this investment?(Compute your answer as a percent rounded to 2 decimal places. Record without a percent sign. For example, record .0848765 = 8.48765% as 8.49)

15.Sam refuses to retire until his retirement account has a balance of at least $ 372,304 . Sam refuses to make any more deposits in the account. The account currently has a balance of $ 111,426 and earns 6% per year, compounded semi-annually. How long does Sam have before he will retire?(You are computing number of years. Round your answer to one decimal place. For example, record 14.294 years as 14.3).