1. Find the discounted value of an ordinary annuity of $1,490 a month for 3 years if the interest is 14 1/4% compounded quarterly.
2. A couple wants to renovate theri house in 3 years. They need $27,000 which they plan to save for in monthly payments in an account that pays 8 1/2% compounded monthly. How much would their monthly savings be?
3. Rosemary would like to buy a chalet overlooking the Alps for $300,000. She can save up to $10,000 a month in an account paying 15% interest compounded monthly. How long will it take her to wait?
4. A restaurant owner wants to buy new kitchen equipment for $25,000. He would like to pay for it through saving up $2,000 a week in a fund that pays 10% interest compounded monthly. How long should he wait to save the entire amount?