Assume that you purchase a 6 year savings certificate that pays 8% annually. The cost of this certificate is $1,000. What will be the value of the certificate when it matures? What will be the maturity value of the certificate if interest is compounded semiannually? Assume that a 6 year savings certificate paying 8% annually has a maturity value of $1, 586.87. What is a fair price to pay today for this certificate? (That is, what is its value today?) What is its today's value if interest is compounded semiannually? Assume that, in 1626, the Manhattan Indians were paid $24 for their island. Had the Indians put the money into a savings bank and allowed it to accumulate at 5% interest compounded annually, how much would have the savings been worth in 2014? (The money "sat" in the bank for 388 years.) Assume that, in 1626, the Manhattan Indians were paid a fee for their island. Had the Indians put the money into a savings bank and allowed it to accumulate (for 388 years) at 5% interest compounded annually, it would have been worth $3, 996, 311, 022.19. What was the nominal fee the Manhattan Indians were paid