j$.$ Find the PV and the FV of an investment that makes the following end$-$of$-$year payments. The interest rate is $9\%.$

Year #$,$ Payment $

Round your answers to the nearest cent.

PV of investment: $

FV of investment: $

k$.$ Five banks offer nominal rates of $8\%$ on deposits, but A pays interest annually, B pays semiannually, C pays quarterly, D pays monthly, and E pays daily. Assume $365$ days in a year.

If the TVM is the only consideration, what nominal rate will cause all of the banks to provide the same effective annual rate as Bank A$?$ Round your answers to two decimal places.

B

Nominal rate

C

$\frac{?}{\text{b}\text{a}\text{r}}(\%)$

D

beginning today. How large must the payments be to each bank? Round your answers to the nearest cent.

Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks?

It is more likely that an investor would prefer the bank that compounded frequently.

beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter $"0".$