Problem 1: Frank has deposited $1000 at the end of each year into a retirement savings plan for the last 10 years. His deposits earned interest at 8% per annum for the first 3 years, then 10.25% p.a. for the next 4 years and 9% p.a. for the last 3 years.
(a) What is the accumulated value of this retirement plan?
(b) What is the total interest earned for the 10 years?
Problem 2: An annuity with payments at the end of each month pays $200 for 2 years, then $300 for the next year, and then $400 for the following two years. Find the discounted value of these payments at interest of 10% compounded monthly.
Problem 3: A debts of $4000 bears interest at 12% compounded semi-annually. It is to be repaid by semi-annual repayments of $400. Find the number of full payments required the value of the final payment.
Problem 4: Mr Colby borrows $10,000. The loan is to be repaid in equal installments at the end of each month for the next 5 years. Find the monthly installments if interest is at 10% p.a.
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