Q1. A property was purchased for $7162.00 down and payments of $1444.00 at the end of every six months for 7 years. Interest is 8% per annum compounded annually. What was the purchase price of the property? How much is the cost of financing?

Q2. How much would you have to pay into an account at the beginning of every three months to accumulate $12,900.00 in 9 years, if interest is 4% compounded annually?

Q3. Alain Dupre wants to set up a scholarship fund for his school. The annual scholarship payment is to be $3,800 with the first such payment due five years after his deposit into the fund. If the fund pays 7.2% compounded annually, how much must Alain deposit?