E-1

You invest a single amount of $16,500 for 6 years at 13 percent. At the end of 6 years you take the proceeds and invest them for 12 years at 15 percent.

How much will you have after 18 years? UseAppendix Afor an approximate answer, but calculate your final answer using the formula and financial calculator methods.(Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Future Value =

E-2

The Clearinghouse Sweepstakes has just informed you that you have won $1 million. The amount is to be paid out at the rate of $58,000 a year for the next 15 years.

With a discount rate of 8 percent, what is the present value of your winnings? UseAppendix Dfor an approximate answer, but calculate your final answer using the formula and financial calculator methods.(Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Present Value=

E-3

Christy Reed made a $3,200 deposit in her savings account on her 21st birthday, and she has made another $3,200 deposit on every birthday since then. Her account earns 8 percent compounded annually.

How much will she have in the account after she makes the deposit on her 32nd birthday? UseAppendix Cfor an approximate answer, but calculate your final answer using the formula and financial calculator methods.(Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Future Value=