1. What is the accumulated sum of the following stream of payments? $9624 every year at the beginning of the year for 5 years, at 7.75%, compounded annually.
2. You have accumulated some money for your retirement. You are going to withdraw $58563 every year at the beginning of the year for the next 16 years starting from today. How much money have you accumulated for your retirement? Your account pays you 4.94% per year, compounded annually.
3. You have decided to place $250 in equal deposits every month at the beginning of the month into a savings account earning 13.02% per year, compounded monthly for the next 12 years. The first deposit is made today. How much money will be in the account at the end of that time period?
4. What is the present value of the following annuity? $1162 every half year at the beginning of the period of the next 7 years, discounted back to the present at 13.70% per year, compounded annually.
5. You plan to buy a house in 13 years. You want to save money for a down payment on the new house. You are able to place $382 every month at the end of the month into a savings account at an annual rate of 12.39%, compounded monthly. How much money will be in the account after you made the last payment?
6. You are going to save money for your son's education. You have decided to place $1647 every half year at the end of the period into a saving account earning 4.28% per year, compounded semi-annually for the next 3 years. How much money will be in the account at the end of that time period?
7. A car dealership offers you no money down on a new car. You may pay for the car for 5 years by equal monthly end-of-the-month payments of $869 each, with the first payment to be made one month from today. If the discount annual rate is 3.25% compounded monthly, what is the present value of the car payments?