The following situations should be considered independently.

You want to accumulate $$61,081$ for a down payment on a small business. You will invest $$33,000$ today in a bank

account paying $8\%$ interest compounded annually. Approximately how long will it take you to reach this goal?

The Jasmine Tea Company purchased merchandise from a supplier for $$30,306.$ Payment was a noninterest$-$

bearing note requiring Jasmine to make five annual payments of $$7,000$ beginning one year from the date of

purchase. What is the interest rate implicit in this agreement?

You borrowed $$12,000$ from a friend and promised to pay the loan in $12$ equal annual installments beginning one

year from the date of the loan. Your friend would like to be reimbursed for the time value of money at a $9\%$ annual

rate. What is the annual payment you must make to pay back your friend?

Note: For all requirements, Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of

$$1$ and PVAD of $$1)$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Required $3$

The Jasmine Tea Company purchased merchandise from a supplier for $$30,306.$ Payment was a noninterest$-$bearing note

requiring Jasmine to make five annual payments of $$7,000$ beginning one year from the date of purchase. What is the interest

rate implicit in this agreement?

Note: Do not round intermediate calculations. Round the interest rate to $1$ decimal place.