1. You plan to accumulate $136,000 over a period of 25 years by making equal annual deposits in an account that pays an annual interest rate of 15% (assume all payments will occur at the beginning of each year). What amount must you deposit each year to reach your goal?
2. You observe following exchange rate quotations: $1 is equal to 6.5321 Chinese Yuan and 1 Japanese Yen equal to CNY 0.0610 Chinese Yuan. How many Japanese yen will you need to purchase 1 million US. dollars
3. The one-year forward rate of the British pound is quoted at $1.6258, and the spot rate of the British pound is quoted at $1.6368. The forward is present premium (or discount) at what percent?