Brief Exercise 6-7 Future value; annuity due [LO6-6] Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after graduation in a little over three years. Leslie would like to contribute to a savings account over the next three years in order to accumulate enough money to take the trip. Assume an interest rate of 4%, compounded quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) How much will Leslie accumulate in three years by depositing $640 at the beginning of each of the next 12 quarters? (Round your final answers to nearest whole dollar amount.) Table or calculator function: Payment: n = II Future Value: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $16,500 beginning one year from today. The interest rate on the note is 7%.(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What amount did Canliss borrow? (Round your final answers to nearest whole dollar amount.) Table or calculator function: Payment: n = Present Value: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $15,000 not due for three years. The interest rate on the note is 9%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What amount did Canliss borrow? (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Step 1: Calculate the PV of the Ordinary Annuity Component: Payment: n = i = Present Value: Step 2: Convert the Annuity to a Single Sum: PV from Step 1: n = i = Present Value: Brief Exercise 6-9 Present value; annuity due [LO6-7] Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $18,500 beginning immediately. The interest rate on the note is 6%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What amount did Canliss borrow? (Round your final answers to nearest whole dollar amount.) Table or calculator function: Payment: n = i = Present Value