Problem 5-24 Present value for various discounting periods

Find the present value of $700 due in the future under each of these conditions:

14% nominal rate, semiannual compounding, discounted back 9 years. Round your answer to the nearest cent.

14% nominal rate, quarterly compounding, discounted back 9 years. Round your answer to the nearest cent.

14% nominal rate, monthly compounding, discounted back 1 year. Round your answer to the nearest cent

Problem 5-23 Future value for various compounding periods

Find the amount to which $800 will grow under each of these conditions

16% compounded monthly for 3 years. Round your answer to the nearest cent.

16% compounded daily for 3 years. Round your answer to the nearest cent

Problem 5-24 Present value for various discounting periods

Find the present value of $700 due in the future under each of these conditions

a. 14% nominal rate, quarterly compounding, discounted back 9 years. Round your answer to the nearest cent.

b. 14% nominal rate, monthly compounding, discounted back 1 year. Round your answer to the nearest cent.

Problem 5-17 Effective interest rate

You borrow $55,000; the annual loan payments are $3,180.66 for 30 years. What interest rate are you being charged?

Problem 5-16 Present value of a perpetuity

What is the present value of a $400 perpetuity if the interest rate is 6%? Round your answer to the nearest cent.

If interest rates doubled to 12%, what would its present value be? Round your answer to the nearest cent