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1) Parks Blair invested $5,000 at 8% annual interest and left the money invested without withdrawing any of the interest for 15 years. At the end of the 15 years, Parks decided to withdraw the accumulated amount of money. Parks has found the following values in various tables related to the time value of money. Present value of 1 for 15 periods at 8% 0.31524 Future value of 1 for 15 periods at 8% 3.17217 Present value of an annuity of 1 for 15 periods at 8% 8.55948 Future value of an annuity of 1 for 15 periods at 8% 27.15211 Which factor would he use to compute the amount he would withdraw, assuming that the investment earns interest compounded annually?

27.15211

3.17217

8.55948

0.31524

2)Brenda Draper borrowed $120,000 on June 1, 2013. This amount plus accrued interest at 8% compounded annually is to be repaid on June 1, 2026. Brenda has obtained the following values related to the time value of money to help her with her financing process and compounded interest decisions.

Present value of 1 for 13 periods at 8%		0.36770
Future value of 1 for 13 periods at 8%		2.71962
Present value of an annuity of 1 for 13 periods at 8%		7.90378
Future value of an annuity of 1 for 13 periods at 8%		21.49530

To the closest dollar, how much will Brenda have to repay on June 1, 2026?

$948,454

$261,554

$326,354

$44,124

3)Jim and Aneta O'Connor invested $12,000 in a savings account paying 5% annual interest when their son, Austin, was born. They also deposited $500 on each of his birthdays until he was 20 (including his 20th birthday). Jim and Aneta have obtained the following values related to the time value of money to help them with their planning process for their compounded interest decisions.

Present value of 1 for 20 periods at 5%		0.37689
Future value of 1 for 20 periods at 5%		2.65330
Present value of an annuity of 1 for 20 periods at 5%		12.46221
Future value of an annuity of 1 for 20 periods at 5%		33.06595

To the closest dollar, how much was in the savings account on his 20th birthday (after the last deposit)?

$22,000

$33,166

$28,533

$48,373

4)In order to compute the present value of an annuity, it is necessary to know the:

1. discount rate.
2. number of discount periods and the amount of the periodic payments or receipts.

a)1 b)Both 1 and 2

c)Something in addition to 1 and 2.

d) 2

5)Chenard Company is about to issue $3,000,000 of 8-year bonds paying a 12% interest rate with interest payable semiannually. The discount rate for such securities is 10%. Below are time value of money factors that Chenard uses to calculate compounded interest.

	8 periods, 10%	16 periods, 5%	8 periods, 12%	16 periods, 6%
Present value 1	0.46651	0.45811	0.40388	0.39365
Future value 1	2.14359	2.18287	2.47596	2.54035
Present value of an annuity of 1	5.33493	10.83777	4.96764	10.10590
Future value of an annuity of 1	11.43589	23.65749	12.29969	25.67253

To the closest dollar, how much can Chenard expect to receive for the sale of these bonds?

$3,325,130

$3,193,390

$2,293,710

$5,400,000

6) What is the present value of $32,000 due 7 years from now, discounted at 8%? (Use the above table.) (Round answer to 2 decimal places, e.g. 15.25.)

7)What rate of interest will Kenny be earning on his investment? (Use the above table.) (Round answer to 0 decimal places, e.g. 5%.)

8) How much can Tweetsie expect to receive for the sale of these bonds? (Round answer to 0 decimal places, e.g. 1,525.)

9) Compute the amount at which the bonds would sell if investors required a rate of return of 8%. (Use the above table.) (Round answer to 0 decimal places, e.g. 1,525.)

10) If Jane Key invests $15,501.28 now and she will receive $40,000 at the end of 11 years, what annual rate of interest will she be earning on her investment?

8.5%

9%

10%

8%