1. You want to have $56,000 in your savings account 8 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. Required: If the account pays 6.3 percent interest, what amount must you deposit each year?
$5,597.38
$3,528.01
$9,182.40
$3,527.98
$7,000.00
2. Grohl Co. issued 10-year bonds a year ago at a coupon rate of 9 percent. The bonds make semiannual payments. If the YTM on these bonds is 7 percent, what is the current bond price?
$1,088.17
$1,465.64
$713.21
$1,141.90
$1,131.90