Question 19) With an annual inflation rate of 1.63%, how much did an item that now costs

$5600 cost 3 years prior? An item that currently costs $5600 would have cost $____ 3 years ago. (Do not round until the final answer. Then round to the nearest cent as needed.)

Question 20) If money can be invested at 4.4% compounded quarterly, which is larger, $7142

now or $9000 in 5 years? Use present value to decide.

The present value of $9000 in 5 years is $____e.(Do not round until the final answer. Then round to the nearest cent as needed.)

Question 23) As the prize in a contest, you are offered $22,000 now or $38,100 in 8 years. If the money can be invested at 8% compounded annually, which prize will be worth more in 8

years?

Choose the option that is most profitable after8 years.

accepting the $38,100 prize in8years

accepting the $22,000 prize

Question 24) A company has agreed to pay $3.8 million in 6 years to settle a lawsuit. How much must it invest in an account paying 9% annual interest compounded monthly to have that amount when it is due?

What is the interest rate per period?

i=_____(Type an integer or decimal rounded to four decimal places as needed.)

Question 25) A company will need $55,000 in 5 years for a new addition. To meet this goal, the company deposits money in an account today that pays 11% annual interest compounded quarterly. Find the amount that should be invested to total $55,000 in 5 years.

The company should invest

$____.(Do not round until the final answer. Then round to the nearest dollar as needed.)

Question 26) If inflation has been running at 4.92% per year and a new car costs $14,000 today, what would it have cost 5 years ago?

A car that costs $14,000 today would have cost $__ 5 years ago. (Do not round until the final answer. Then round to the nearest cent as needed.)

Question 27) If inflation has been running at 4.3% per year and a washing machine costs $290 today, what would it have cost two years ago?

What is the interest rate per period?

i=_____ (Type an integer or a decimal.)