Q1) what is the present value of a five-period annuity of $3000 if the interest rate is 7.2% and all payments are at the end of the year (i.e. regular annuity or simple annuity)

a) $9655.65

b) $10,814.33

c) $13,200.00

d) $12,235.00

Q2) Current population is 333.2 million in the U.S. what will be the approximate US population in 20 yrs if the annual population growth rate is 1.9% ?

a) 418 million

b) 485 million

c) 543 million

d) 513 million

Q2) Calculate the approximate number of years (term) in the following problem.

Present Value	Term (in years)	Interest Rate	Future value at the end of the term
$260		7%	$1389
$410		8%	$1821

Answers are in the order in which the problems are presented.

a) 24.76 ; 19.37

b) 22.84 ;19.71

c) 19.41; 20.56

d) 19.12; 18.72