1. You just won the grand prize in a national writing contest. As your prize, you will receive $3,000 a month for ten years. If you can earn 8 percent on your money, what is this prize worth to you today?
2. On your ninth birthday, you received $400 which you invested at 3.5 percent interest, compounded annually. Your investment is now worth $856. How old are you today?
3. You are borrowing $20,200 to buy a car. The terms of the loan call for monthly payments for 5 years at 7.6 percent interest. What is the amount of each payment?