1) If you want to have $301,301 in 19 years, how much money should you put in a savings account today? Assume that the savings account pays you 6.99 percent, compounded monthly.
2) Cooling Tools, Inc. is currently producing 671 of small refrigerators per month but the company’s CEO plans to increase production at a rate of 7.10 percent per month until the firm is producing 5,544 of refrigerators per month. How many months will this take?
3) A firm's dividends have grown over the last several years. 9 years ago the firm paid a dividend of $2. Yesterday it paid a dividend of $5. What was the average annual growth rate of dividends for this firm?
4) For the next 13 years, you decide to place $2,768 in equal year-end deposits into a savings account earning 7.06 percent per year. How much money will be in the account at the end of that time period?