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1. Suppose you have the option to buy a parcel of vacant land to build your first home. The option is for a 10-year period, and the purchase price is $105,000. You do not intend to exercise the option until the end of the 10th year, which means you have 10 years to accumulate the required $105,000 in cash to buy the land. Given you have access to a savings account that pays 3 percent interest that compounds annually, how much will you have to save each year?

PMT = $9,159.20

2. You are a responsible student trying to save up for a deposit on a house in 3 years when you graduate. If you deposit a part of your paycheck, $250, into an interest bearing account that pays an annual rate of 6.5 percent at the beginning of every month, but is compounded monthly. What is the size of the deposit you can make at the end of 36 months?

FV = $9,961.59

3. You decide to replace the existing roof on your house for a cost of $15,000. You decide to save $1,500 per quarter in an account that pays 5 percent annual interest, compounded quarterly. In how many quarters would you have enough saved in the account to purchase a new roof?

N = 9.48 = 10 rounded up