1. Jean inherited $10,000, where the terms of the inheritance state that she is to receive $850 at the end of each sixmonths, starting in two years, until the money is completely withdrawn. If the money is placed in a savings account earning 3.8% compounded monthly, how long will the inheritancelast? State your answer in years and months(from 0 to 11months). The inheritance last will last

. year(s) and. month(s).

2.Santini Construction is evaluating a project to build a bridge over the Salmon River. The project is currently worth $16 million. In oneyear, when the construction is 20% complete, there will be aone-time payment of $4.7 million. Over the next twoyears, quarterly payments of $1.67 million will be made. The job is scheduled to be completed within the three years. During the firstyear, money is worth 8% compounded annually. What is the annually compounded interest rate for the annuityperiod?

The annually compounded interest rate for the annuity period is. %.

(Round to two decimal places asneeded.)

3.Samantha wants to be able to withdraw $600 at the end of each month for two years while shetravels, starting three years from now. If she invests $12,000 now to earn4.68% compounded monthly until she begins totravel, what monthly compounded nominal rate of interest must she earn after she starts totravel?

She must earn a nominal rate of interest of

% compounded monthly.

(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places asneeded.)

4.Asa has invested money from the settlement of an insurance claim. She plans to withdraw $3,760 from her savings account at the end of each quarter for six years. If the payments are deferred for seven years and interest is 6% compounded semi-annually, what was the amount of the insurancesettlement?

The insurance settlement was $

.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)