8.Nancy borrows $50,000 from the Mighty Bank today and the Bank requests her to repay her loan in four equal payments along with 12% interest. Each of the four payments must be paid at the end of the next two years. What is the amount of each payment? Please round to the nearest whole number.

$29,584

$23,810 plus 12% interest

None of the other alternatives are correct

$23,810

$29,584 plus 12% interest

9.Which of the following investments has a larger future value? A $100 investment earning 10% per year for 5 years or a $100 investment earning 5% per year for 10 years. Money is compounded annually

The first investment

The yield is identical

Only the present value can be estimated

Both investments are examples of annuities

The second investment

10.Which one of the following statements is true?

Interest makes a dollar today worth more than a dollar tomorrow

Interest has no effect on the value of a dollar

None of the other alternatives are correct

Interest makes a dollar today worth less than a dollar tomorrow

Interest makes a dollar today worth the same as a dollar tomorrow