8.What annual interest rate would you need in order to have an ordinary annuity of $7,500 per year accumulate to $279,600 in 15 years?

9.What nominal annual interest rate is implied if you borrow $12,500 and repay $21,364.24 in three years with monthly compounding?

12.What would you pay for an ordinary annuity of $2,000 paid every six months for 12 years if you could invest your money elsewhere at a nominal interest rate of 10% compounded semi-annually?

17. Steven White is considering taking early retirement, having saved $400,000. White desires to determine how many years the savings will last if $40,000 per year is withdrawn at the end of each year. White feels the savings can earn 10 percent per year.

20. Your mother is planning to retire this year. Her firm has offered her a lump sum retirement payment of $50,000 or a $6,000 lifetime ordinary annuity-whichever she chooses. Your mother is in reasonably good health and expects to live for at least 15 more years. Which option should she choose, assuming that an 8 percent annual interest rate is appropriate to evaluate the annuity?

21. Your great-uncle Claude is 82 years old. Over the years, he has accumulated savings of $80,000. He estimates that he will live another 10 years at the most and wants to spend his savings by then. (If he lives longer than that, he figures you will be happy to take care of him.) Uncle Claude places his $80,000 into an account earning 10 percent annually and sets it up in such a way that he will be making 10 equal annual withdrawals (the first one occurring 1 year from now) such that his account balance will be zero at the end of 10 years. How much will he be able to withdraw each year?