1. Given a rate of 8,7% compounded annually, what is the effective rate of monthly payments?

Please answer as a decimal to 3 decimal points (i.e. 2.2% = 0.022)

2. What amount, provided today, will provide for withdrawals of $2 800 at the end of each 6 months for 10 years at a rate of 5,9% compounded annually?

3. If you invest $300 at the end of every month for 13 years at 5,4% compounded monthly, what will the investment be worth at end of term?

4. Assuming, based on your goals, that you need to save $500 000 for retirement, you can reliably earn 7,1% compounded monthly, and that you are able to save $450 per month, how long will it take you to reach your goals? Round to the nearest month in your final answer.

5. How much do you need to invest at the end of every quarter to build $500,000 in your RRSP, assuming you have 30 years until retirement and a rate of interest of 4,5% compounded annually?

6. You would like to purchase a license for a franchise for an initial purchase of $35 000. Assuming you are able to obtain a loan with payments due at the start of each month for a term of 4 years, with an interest rate of 5,1% compounded quarterly, what would the monthly payments be?

7. If you take a loan of $50 000 at 2,7% compounded quarterly and offer repayments of $2 600 at the end of every quarter, how many payments will it take for the loan to be repaid in full?

8. You purchase a lease agreement that has payments at the start of each quarter of $4 500 for 6 years. What is the present-day value of this lease contract, assuming you can earn 5,6% quarterly in a low-risk investment?

9. If you invest $8 000 into an RESP (Registered Education Savings Plan) for a child that will not draw on the plan for an additional 14 years, how many monthly withdrawals of $1 400 will the provide withstand, assuming a constant interest rate of 4,5%, compounded annually?

10. If you invest $8 000 into an RESP (Registered Education Savings Plan) for a child that will not draw on the plan for an additional 14 years, how many monthly withdrawals of $1 400 will the provide withstand, assuming a constant interest rate of 4,5%, compounded annually?