a. What equal annual series of payments must be paid to accumulate $12,000 in 13 years at 5%, compounded annually? 

b. Part of the income a machine generates is put into a fund to finance the purchase of a new machine. If $1,500 is invested annually at 7% interest (compound) how many years before the fund becomes $25,000?

 

c. What is the future value of the following series of payments: $1,000 for 5 years at 8.25%?