Lab 7

3) Travis loaned $66,000 to a small business at 5.38% compounded semi-annually for 1 year and 6 months. How much would the business have to repay him at the end of the period?

5) On August 3rd, 2013, Joseph invested $14,000 in a fund that was growing at 7% compounded semi-annually.

a.Calculate the accumulated amount of the fund on April 8th, 2014.

b.On April 8th, 2014, the interest rate on the fund changed to 3% compounded monthly. Calculate the accumulated amount of the fund on March 23rd, 2015.

11) The interest rate on a GIC is 4.11% compounded semi-annually. What is the purchase price of the GIC if it has a maturity value of $34,672 in 5 years and 4 months?

12) What is the present value of $3,500 that is due in4 1/2 years if the interest rate is 4.01% compounded monthly?

13) Aaron is expected to settle a loan on February 18th, 2018 by paying $3,000. What amount should he pay if he decides to settle it on June 17th, 2017 instead? The interest rate is 4.17% compounded quarterly.