1. lexander purchased a machine for $55,000 using a 7 year loan at 5.10% compounded semi-annually. If the first payment was made one month from when he purchased the machine, what is the size of the monthly payments?

2. orey's retirement fund has an accumulated amount of $60,000. If it has been earning interest at 3.22% compounded monthly for the past 21 years, calculate the size of the equal payments that he deposited at the beginning of every 3 months.

3. hristine contributed equal deposits at the end of every month for 3 years into an investment fund. He then decided to stop making payments and left the money in the fund to grow for another 3 years. The fund was earning 2.81% compounded monthly for the entire period and the accumulated amount at the end of the term was $100,000.

a. Calculate the amount in the fund at the end of 3 years.

b. Calculate the size of the periodic deposits into the fund.

4. Victoria deposits $1,500 at the end of every 3 months in an RRSP that is earning 6.90% compounded semi-annually. For the RRSP to accumulate to $32,000, calculate the following:

a. How many deposits will he have to make?

b. How long will he have to make these deposits?

years months

Express the answer in years and months, rounded to the next payment period