Lynn Ally, owner of a local Subway shop, loaned $60,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 8 years with 12% interest compounded semiannually.

How much will Lynn receive at the end of 8 years? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Amount to be received $

Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 18% interest compounded semiannually. Four Rivers offers 16% interest compounded quarterly. Melvin has $10,600 to invest. He expects to withdraw the money at the end of 10 years.

Calculate interest for each bank and identify which bank gives Melvin the better deal? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

	Interest
Mystic	$
Four Rivers	$
Better deal	(Click to select)Mystic BankFour Rivers Bank

Lee Wills loaned Audrey Chin $16,500 to open Snip Its Hair Salon. After 4 years, Audrey will repay Lee with 6% interest compounded quarterly.

How much will Lee receive at the end of 4 years? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Amount received $

After reviewing the CPI inflation calculator at inflationdata.com, Hanna Lind realized the importance of creating an investment plan for her future. She would need $10,721.50 in 2015 to have the same purchasing power her $9,000 (stored in a fireproof safe in her home since 2010) had when she put it there. To protect her savings against further inflation and to help her prepare for a healthy financial future, Hanna deposits her $9,000 in an investment account in 2015 earning 4% interest compounded quarterly. How much will Hanna have in her account in 2025? (Use the Table provided.) (Round your answer to the nearest cent.)

Amount $

You choose to invest your $3,335 income tax refund check (rather than spend it!) in an account earning 5% compounded semiannually. How much will the account be worth in 5 years? (Use the Tableprovided.) (Round your answer to the nearest cent.)

Worth $

Tony Ring wants to attend Northeast College. He will need $60,000 5 years from today. Assume Tonys bank pays 6% interest compounded semiannually.

What must Tony deposit today so he will have $60,000 in 5 years? (Use the Table provided.) (Do not round intermediate calculations. Round your answers to the nearest dollar amount.)

Amount to be deposited $

Pete Air wants to buy a used Jeep in 7 years. He estimates the Jeep will cost $16,500. Assume Pete invests $11,500 now at 10% interest compounded semiannually.

a. Calculate the maturity value of the investment. (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Maturity value $

b. Will Pete have enough money to buy the Jeep at the end of 7 years?

	Yes
	No

Paul Havlik promised his grandson Jamie that he would give him $7,900 7 years from today for graduating from high school. Assume money is worth 10% interest compounded semiannually.

What is the present value of this $7,900? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Present value $

Jackie Rich would like to buy a $41,995 Toyota hybrid car in 5 years. Jackie wants to put the money aside now. Jackies bank offers 4% interest compounded semiannually.

How much must Jackie invest today? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Investment $