M.3

1. Suppose you deposit $1,035.00 into an account 6.00 years from today. Exactly 15.00 years from today the account is worth $1,700.00. What was the account's interest rate?

Answer format: Number: Round to: 3 decimal places.

M.4

2. What is the value today of a money machine that will pay $3,430.00 per year for 26.00 years? Assume the first payment is made one year from today and the interest rate is 5.00%.

3. What is the value today of a money machine that will pay $4,816.00 per year for 28.00 years? Assume the first payment is made 10.00 years from today and the interest rate is 14.00%.

4. What is the value today of a money machine that will pay $1,096.00 every six months for 13.00 years? Assume the first payment is made six months from today and the interest rate is 14.00%.

5. What is the value today of a money machine that will pay $3,099.00 every six months for 21.00 years? Assume the first payment is made 1.00 years from today and the interest rate is 9.00%.

Answer format: Currency: Round to: 2 decimal places.