1. What is the future value at the time of the last payment of a growing annuity where the first annual payment (of $50,000) is in one year, each subsequent payment is 4% greater than the previous payment, and there are 20 payments. _______________________. The interest rate is 12%

What is the future value in 21 years of a growing annuity where the first annual payment (of $80,000) is in one year, each subsequent payment is 4% greater than the previous payment, and there are 20 payments. __________________________. The interest rate is 12%

What is the value at the end of the 16^th year of $80,000 that is invested at the beginning of the 5^th year? (Be careful of the number of periods - draw a time line!) __________________________. The interest rate is 12%