1. Corey makes payments of $2,434 into an RRSP at the beginning of every six months starting today for 34 years. If the interest rate is 8% compounded semi-annually, what is the accumulated value?

2. What sum of money must be deposited in a savings scholarship account to provide a scholarship of $4,927, payable at the beginning of each 3 months, if interest is 5.55% compounded quarterly?

3. A lease requires monthly payments of $1,458 due in advance. If the interest is 16% compounded quarterly and the term of the lease is 4 years, what is the cash value of the lease?
4. A contract valued at $64,150 requires payments of $4,810 at the beginning of each quarter. If interest is 6% compounded quarterly, calculate the term of the contract. Do not round n to the next larger integer and give your answer in years to the nearest hundredth.

5. A retirement gratuity of $500,000 is invested in an annuity deferred for 10 years. The annuity provides payments of $200,000 due at the beginning of every six months. If interest is 15% compounded annually, for how long will the annuity payments be made? Show all steps for full marks in the space below. You will lose marks for any steps not shown. Be sure to round n to the next larger integer and give your answer in years and months.

6. Candice bought her neighbour's horse farm for $320,000 down and payments of $50,000 at the end of every six months for 5 years. What is the purchase price of the farm if the semi-annual payments are deferred for four years and interest is 7% compounded semi-annually. You must show all work in the space provided for full marks. Marks will be deducted for any missing steps.