Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after graduation in a little over three years. Leslie would like to contribute to a savings account over the next three years in order to accumulate enough money to take the trip. Assume an interest rate of 10%, compounded quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) How much will she accumulate in three years by depositing $440 at the end of each of the next 12 quarters, beginning three months from now? (Round your interest rate to 1 decimal place.) Table or calculator function: FVA of $1 Payment: $ 440 n = 12 i= 2.5% Future Value: Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after graduation in a little over three years. Leslie would like to contribute to a savings account over the next three years in order to accumulate enough money to take the trip. Assume an interest rate of 4%, compounded quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) How much will Leslie accumulate in three years by depositing $640 at the beginning of each of the next 12 quarters? (Round your interest rate to 1 decimal place.) Table or calculator function: FVAD of $1 $ Payment: 640 n = 12 = 1.0% Future Value: Determine the future value of $29,000 under each of the following sets of assumptions (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answers to nearest whole dollar amount.): Annual Rate Period Invested i = n = Present Value Future Value 1. . 10% 10 years Interest Compounded Semiannually Quarterly Monthly 5% O $ 2. 8% 3 years 2% 16 $ Oo 29,000 29,000 29,000 3. . 24% 16 months 2% $ Determine the present value of the following single amounts (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answers to nearest whole dollar amount.): i = n = Present Value 1. 8% 18 Future Amount $ 37,000 $ 31,000 $ 42,000 2. 8% 16 3. 10% 25 4. 57,000 12% 8 Wiseman Video plans to make four annual deposits of $2,250 each to a special building fund. The fund's assets will be invested in mortgage instruments expected to pay interest at 12% on the fund's balance. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Determine how much will be accumulated in the fund on December 31, 2024 after four years, under each of the following situations. 1. The first $2,250 annual deposit is made at the end of each of the four years on December 31, 2021, and interest is compounded annually. 2. The first $2,250 annual deposit is made at the beginning of each of the four years on December 31, 2020, and interest is compounded annually. 3. The first $2,250 annual deposit is made at the beginning of each of the four years on December 31, 2020, and interest is compounded quarterly. 4. The first $2,250 annual deposit is made at the beginning of each of the four years on December 31, 2020, interest is compounded annually, and interest earned is withdrawn at the end of each year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 The first $2,250 deposit is made on December 31, 2020, and interest is compounded quarterly. (Round your final answers to nearest whole dollar amount.) Deposit Date n = 3% 16 $ Deposit Fund Balance 12/31/2024 2,250 $ 12. 201 2,250 2,250 3% 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12 3% 8 3% 4 2,250 $ 12 201 On December 31, 2021, Interlink Communications issued 4% stated rate bonds with a face amount of $114 million. The bonds mature on December 31, 2051. Interest is payable annually on each December 31, beginning in 2022. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Determine the price of the bonds on December 31, 2021, assuming that the market rate of interest for similar bonds was 5%. (Round your final answers to nearest whole dollar amount.) Table values are based on: n = 30 i = 5% Cash Flow Amount Present Value Interest Principal Price of bonds
