Problem 4-11 Present Value (LG4-4) What is the present value of a $1,550 payment made in seven years when the discount rate is 9 percent? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value=

Problem 4-21 Interest-on-Interest (LG4-3) Consider a $1,500 deposit earning 8 percent interest per year for five years.

What is the future value? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Future value=

How much total interest is earned on the original deposit? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Total interest earned=

How much is interest earned on interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Interest earned on interest=