7. How much interest is included in the future value of an ordinary simple annuity of $1,350 paid every six months at 6% compounded semi-annually if the term of the annuity is 2 years? The interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 8. Glenn has made contributions of $250 at the end of every three months into an RRSP for ten years. Interest for the first four years was 4% compounded quarterly. Since then the interest rate has been 5% compounded quarterly. How much will Glenn have in his RRSP three years after the last contribution? Glenn will have $ in his RRSP. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 9. A contract is signed requiring payments of $750 at the end of every three months for eight years. How much is the cash value of the contract if money is worth 9% compounded quarterly? The cash value of the contract is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 10. How much will deposits of $900 made at the end of each 6 months amount to after 11 years if interest is 5.4% compounded 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.) 11. A property worth $48,000 is purchased for 10% down and monthly payments of $365 for 14 years. What is the effective annual rate of interest if interest is compounded annually? The effective annual rate of interest is (Round to two decimal places as needed.)