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1. Simple interest method. Read Chapter 4, Section 1 Simple Interest, and answer following questions (your answers should be direct and brief):

1.1) In Formula 4.1.1, what factors are included?

1.2) What is the difference between Example 4.1.1 and Example 4.1.2;

1.3) What is the difference between Formula 4.1.1 and Formula 4.1.2;

1.4) What are differences between the following three examples: 4.1.3, 4.1.4, 4.1.5;

1.5) What are the answers for the following questions: p74, Question 1 and 2. Before you solve for each of the questions, please identify what are known factors and what is the factor to be solved for. Present all the steps along with the answers. Use a regular calculator to solve for these questions. If you use a financial calculator, use keys for regular calculations (do not use keys for TVM calculations such as N, I/Y, PV, FV, etc.).

2. Compound interest method. Read Chapter 4, Section 3 Compound interest, and answer following questions (your answers should be direct and brief):

2.1) In Formula 4.3, what factors are included;

2.2) What is the difference between Formula 4.3 and Formula 4.1.1;

2.3) Read Example 4.3.3 and discuss what is the purpose of this example;

2.4) Do the following questions: p75, Question 12 and 13. For each of the questions, before you present calculation steps, please identify what are known factors and what is the factor to be solved for. Present all the steps along with the answers. Use a regular calculator to solve for these questions. If you use a financial calculator, use keys for regular calculations (do not use keys for TVM calculations such as N, I/Y, PV, FV, etc.). Tip: in typing, use ^ to indicate power. For example, Formula 4.3 can be presented as: FV=PV(1+r)^n.

3. Budge project. Record spending. In this course, we will conduct a budget project to develop sample budgets for college students and young workers. The project will be done by multiple steps integrated in weekly activities. As the first step of this project, please record your spending in February 2019 (you may recall some spending items for a few days before your see this project). Please answer:

3.1) Generally speaking, do you think everyone needs to record their daily expenses, why or why not?

3.2) Do you usually record your spending on a daily basis (if not, why; if yes, what method do you use)?

3.3) Please use the attached file to record your daily spending for this time period. The recorded information will be used in future course activities. For this week, just report if you understand the task or need more information.

HDF424 Chapter 4 Time Value of Money Example 4.3.3 (pp61-61) (1) annually Known: PV -1500 r 0.1900 n 2 Solve for: FV 2124.15 Answer: the future value is $2124.15. (2) semi-annually Known: PV -1500 r 0.0950 n 4 Solve for: FV 2156.49 Answer: the future value is $2124.15. (3) quarterly Known: PV -1500 r 0.0475 n 8 Solve for: FV 2174.32 Answer: the future value is $2124.15. (4) monthly Known: PV -1500 r 0.01583 n 24 Solve for: FV 2186.91 Answer: the future value is $2124.15. (5) weekly Known: PV -1500 r 0.003654 n 104 Solve for: FV 2191.91 Answer: the future value is $2124.15. (6) daily Known: PV -1500 r 0.0005205 n 730 Solve for: FV 2193.21 Answer: the future value is $2124.15.