Exercise 1:

1. Determine the final value of annual payments of $5,000 received over nine years capitalized at an annual interest rate of 15%.
2. Calculate how much you would need to save each year for eight years in order to accumulate $25,000, at 18% interest.
3. Calculate the future value obtained in 10 years by investing the sum of $12,000 capitalized quarterly today.
4. Find the capitalized value at 14%, in four years, of the following cash flows received respectively at the end of each of the following four years:

Year	Cash Flow	Interest factor at 14%	Accumulated Value
1	1 200 $	?	? $
2	1 500 $	?	? $
3	2 000 $	?	? $
4	1 800 $	?	? $
Total			? $