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1. A real estate investment has the following expected cash flows:

Year Cash Flows

1 $10,000

2 $24,380

The discount rate is 8 percent. What is the investments present value?

2. If a 5-year ordinary annuity has a present value of $9,512, and if the interest rate is 10 percent, what is the amount of each annuity payment?

3. You are considering buying a new car. You are going to borrow $10,334. If you can negotiate a nominal annual interest rate of 12 percent (i.e. 12% equals the APR) and you wish to pay for the car over a 5-year period, what are your monthly car payments?

4. You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no annual fee. It states that the annual percentage rate (APR) is 17 percent on outstanding balances. What is the effective annual interest rate? (This rate is subject to monthly compounding.)

Record your answer as a decimal.

6. You are currently investing your money in a bank account that has a nominal annual rate of 8 percent. How many years will it take for you to double your money?

7. What is the present value of five payments of $189. Assume the first of the five payments occurs immediately and the appropriate discount rate is 10%.

8. You have the opportunity to buy a perpetuity that pays $1,000 annually. Your required rate of return on this investment is 13.5 percent. What is the Present Value of the perpetuity (i.e. its current value)?

9. South Penn Trucking is financing a new truck with a loan of $10,000 to be repaid in 5 annual end-of-year installments of $2,705.70. What annual interest rate is the company paying?

Write your answer as a decimal.

10. What is the present value (i.e. its current price) of a 5-year ordinary annuity with annual payments of $216, evaluated at a 3 percent interest rate?