Two years ago, Joe started investing $1,000 per year in an account earning 8% interest. He planned on making a total of five deposits. Calculate how much money Joe will have with the fifth and last deposit.

Jody is planning to buy a car for $15,000, putting 20% down in cash. The bank tells her that the interest rate on the loan will be 8% per year, compounded monthly, for a three-year loan. What is Jodys monthly payment going to be?

Insurance policy promises to pay you and your heirs $1,000 per year forever, should you become ill. How much would you pay for this policy today if the opportunity cost of capital is 4.5%?

Mary estimated that she would have $222,870 in her account when she retires. However, suppose that Mary has now estimated that she would need $30,000 per year to live comfortably during her retirement. How long can Mary expect to make withdrawals during retirement before she will have depleted her account if she is earning 6% annually?

Susan decides to deposit $50,000 into a bank that offers a 4.75% interest compounded monthly. After six years, what will Susans account total?