The following situations should be considered independently.

You want to accumulate $$75,563$ for a down payment on a small business. You will invest $$35,000$ 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 $$43,338.$ Payment was a noninterest$-$bearing note

requiring Jasmine to make six annual payments of $$8,000$ beginning one year from the date of purchase. What is the

interest rate implicit in this agreement?

You borrowed $$18,000$ from a friend and promised to pay the loan in $10$ 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?

PVAD of $$1)$

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

Required $3$

You borrowed $$18,000$ from a friend and promised to pay the loan in $10$ 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: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.