1. Assume that you deposit $ 4,113 each year for the next 15 years into an account that pays 18 percent per annum. The first deposit will occur one year from today (that is, at t = 1) and the last deposit will occur 15 years from today (that is, at t = 15). How much money will be in the account 15 years from today?
Please show how to answer with a financial calculator.
2. You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments of $ 222 (first payment made at t = 1), followed by five annual payments of $ 534 , followed by four annual payments of $ 862 . How much did you borrow?
Please show how to answer with a financial calculator.