8.You are scheduled to receive annual payments of $60,000 for each of the next 20 years. The annual rate of return is 8 percent. What is the difference in the future value in year 20 if you receive these payments at the beginning of each year rather than at the end of each year?

9.You make the following deposits for the next five years into an investment account. All deposits are made at the end of the year and the first deposit occurs one year from now. No more deposits are made after year 5.You will leave all the money in the account until year 30.If you earn 10 percent annual return for the first five years and 8 percent annual return for all subsequent years, how much will you have in the account at the end of year 30?

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YearDeposit

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1$40,000

2$50,000

3$60,000

4$70,000

5$80,000

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10.A bond has 10 years remaining to maturity. The annual coupon rate of the bond is 8 percent. The bond makesannualcoupon payments. The next coupon payment occurs one year from today.The par value (or face value) of the bond is $1,000.If the annual yield to maturity (or the required rate of return) on the bond is 6 percent, find the current bond price (or bond value).