1. Colin has inherited $6,000 from the death of Grandma Anna. He would like to use this money to buy his mom Hayley a new scooter costing $7,000 2 years from now. Will Colin have enough money to buy the gift if he deposits his money in an account paying 8 percent compounded semi-annually?

2. Dan and Jia are newlyweds and have just purchased a condominium for $70,000. Since the condo is very small, they hope to move into a single-family house in 5 years. How much will their condo worth in 5 years if inflation is expected to be 8 percent?

3. Dan plans to fund his individual retirement account (IRA) with the maximum contribution of $2,000 at the end of each year for the next 10 years. If Dan can earn 10 percent on his contributions, how much will he have at the end of the tenth year?

4. Assume Julian, with $100, has a choice between two deposit accounts. Account A has an annual percentage rate of 7.55 percent but with interest compounded monthly. Account B has an annual percentage rate of 7.45 percent with interest compounded weekly. Which account should she choose?

5. Calculate the future value of $6,490 received today and deposited for five years in an account which pays interest of 14 percent compounded semiannually.