PROBLEM #1

Solve for the unknown number of years in each of the following (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))

	Present Value			Years	Interest Rate			Future Value
	$	630			8	%		$	1,496
		880			12				2,496
		19,100			18				392,101
		22,200			14				403,794

PROBLEM #2

Solve for the unknown interest rate in each of the following (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)):

Present Value				Years		Interest Rate		Future Value
	$	220		4		%		$	270
		340		18					986
		37,000		19					169,819
		36,261		25					481,638

PROBLEM #3

Dinero Bank offers you a $68,000, four-year term loan an annual interest rate of 7 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

PROBLEM #4

You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 25 years and the payments will increase 2 percent per year.

If the appropriate discount rate is 6.0 percent, what is the present value of your winnings? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))