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FIN101

1. You have $5,100 to invest today at 11% interest compounded annually. Find how much you will have accumulated in the account at the end of: (0.5 Marks each)

(1) 4 years,

(2) 8 years, and

(3) 12 years.

2. Using the values below, answer the questions that follow:

Amount of annuity	Interest rate	Deposit period (years)
$500	9%	10

1. Calculate the future value of the annuity, assuming that it is
   1. An ordinary annuity. (0.5 marks)
   2. An annuity due. (0.5 marks)

2. Compare your findings in parts a(1) and a(2). All else being identical, which type of annuityordinary or annuity dueis preferable as an investment? Explain why. (0.5 Marks)