1. You invest $400 at the beginning of every year and earn an annual rate of return of 9%, how much will you have in your account after 40 years?
2. How much money would you need to deposit in an account today so that you would have $15,000 in the account in 8 years, given that the account earns 6% per year? (Answer to the nearest penny)
3. A loan has a stated annual rate of 13%. If loan payments are made monthly and interest is compounded monthly, what is the effective annual rate of interest?