1. Ryan owes $1000 now and $4000 in 4 months. After re-arrangement of payments, he agreed to pay $X in 6 months and $2X in 8 months form now. Determine the value of $X with j12 = 9% per annum.
2. Chutes & Co. has interest expense of $ $1.92 million and an operating margin of 10.5% on total sales of $29.2 million. What is Chutes' interest coverage ratio?
3. You want to accumulate 20,000 in an account earning 4.5% interest per year by making a level deposit at the beginning of each of the next 12 years. Find the required level payment.