a)

Michael Jones is planning to invest $23,000 today in a mutual fund that will provide a return of 9 percent each year. What will be the value of the investment in 10 years? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)

Value of investment after 10 years $_________

b)

Your bank pays 5.00 percent annual interest compounded semiannually on your savings account. You dont expect to add to the current balance of $2,900 over the next four years. How much money can you expect to have at the end of this period? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)

Value of investment after 4 years $_________

c)

Linda Williams has been offered a future payment of $810 two years from now. If she can earn an annual rate of 8.10 percent, compounded daily, on her investment, what should she pay for this investment today?

Amount to be invested today $__________