1.

Josh contributed $150.00 every three months into an RRSP for 10 years. What nominal annual rate of interest will the RRSP earn if the balance in Jocelyn's account just after she made her last contribution was $10,000.00?

2.

What is the discounted value of payments of $106.00 made at the end of each year for 3 years if interest is 7% compounded annually?

3.

Starting six months after her grandson Robin's birth, Mrs. Devine made deposits of $160 into a trust fund every six months until Robin was eighteen years old. The trust fund provides for equal withdrawals at the end of each six months for five years, beginning six months after the last deposit. If interest is 5.49% compounded semi-annually, how much will Robin receive every six months?

4.

For the last 8 years Gavin has made deposits of $129.00 at the end of every year earning interest at 11% compounded annually. If he leaves the accumulated balance for another 10 years at 11% compounded quarterly what will the balance be in the account?

5.

Cameron is saving for his retirement 25 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $145.00 at the end of each year for the next 13 years. Interest is 9% compounded annually. (a) How much money will be in his account on the date of his retirement? (b) How much will Cameron contribute? (c) How much will be interest?

6.

Hunan bought a car priced at $16,000 for 15% down and equal monthly payments for three years. If interest is 7% compounded monthly, what is the size of the monthly payment?

7.

Property worth $249,000.00 can be purchased for 15% down and monthly mortgage payments of $1325.00 for 25 years. What effective annual rate of interest is charged?

8.

An installment contract for the purchase of a car requires payments of $263.58 at the end of each month for 5.25 years. Interest is 5% per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost ?

9.

Find the future value of the following ordinary simple annuity. Periodic Payment Payment Interval Term Interest Rate $418.00 1 year 7 years 8% Conversion Period annually The future value is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)