Calculate the following time value of money problems.

a) What is the future value of 20 periodic payments of $4,620 each made at the beginningof each period and compounded at 6% per period?

b) What would you pay for a $300,000 face value bond that matures in 15 years and pays $35,000 a year in interest (end-of-period payments) if you wanted to earn a yield of 9%.

c) Mike Finley wishes to become a millionaire. His money market fund has a balance of $555,264.50 and has a guaranteed interest rate of 4%. How many years must Mike leave that balance in the fund in order to get his desired $1,000,000?

d) Andrew Bogut just received a signing bonus of $1,000,000. His plan is to invest this payment in a fund for 8 years (his planned retirement date). If Bogut plans to establish the AB Foundation once the fund grows to $1,850,930, what annually compoundedinterest rate must he earn to achieve his goal?