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Question 7

Present value

What is the present value of a security that will pay $22,000 in 20 years if securities of equal risk pay 5% annually? Round your answer to the nearest cent.

$____________

Question 8

Future value of an annuity

Find the future values of these ordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent.

Part A

i) $900 per year for 12 years at 4%. $____________

ii) $450 per year for 6 years at 2%. $____________

iii) $800 per year for 10 years at 0%. $____________

Part B

Rework previous parts assuming that they are annuities due. Round your answers to the nearest cent. i) 900 per year for 12 years at 4%.

$__________ ii) 450 per year for 6 years at 2%.

$__________ iii) $800 per year for 10 years at 0%.

$__________

Question 9

How long will it take $100 to double if it earns the following rates? Compounding occurs once a year. Round each answer to two decimal places.

1. 8%. _____________ year(s)

2. 11%. _____________ year(s)

3. 17%. _____________ year(s)

4. 100%. _____________ year(s)