Problem:
Using the appropriate interest table, answer each of the following questions. (Each case is independent of the others.)
Required:
Question 1: What is the future value of $9,000 at the end of 5 periods at 8% compounded interest?
Question 2: What is the present value of $9,000 due 8 periods hence, discounted at 11%?
Question 3: What is the future value of 15 periodic payments of $9,000 each made at the end of each period and compounded at 10%?
Question 4: What is the present value of $9,000 to be received at the end of each of 20 periods, discounted at 5% compound interest?
Note: Be sure to show how you arrived at your answer.