a$.$ Warren borrowed $$14,000$ on a noninterest$-$bearing, simple discount, $4\mathrm{.}5\%60$ day note. Assume ordinary interest.

What are:

i$.$ The maturity value,

ii$.$ Bank$$s discount,

iii. Warren$$s proceeds,

iv$.$ Effective interest rate to the nearest $100$th$?$

r

b$.$ Lionel deposits $$7,000$ in Victory bank, which pays $4\%$ interest compounded semiannually. How much will Lionel

have in his account at the end of $8$ years?

c$.$ Find the effective rate $($APY$)$ for the year given the principal $=$ $$8,000,$ interest rate $=6\%$ and compounded quarterly.

Round to the nearest $100$th

$.$

d$.$ Bill needs $$40,0006$ years from now to attend college. How much must Bill put in the bank every three months $(8\%$

compounded quarterly$)$ to reach his goal?

e$.$ Bob wants to buy his grandson a Ford Taurus in $4$ years. The cost of the car is $$28,000.$ Assuming a bank rate of $4\%$

compounded quarterly, how much must Bob put in the bank quarterly?

f$.$ Bernie wants to retire to California when she is $60$ years of age. Bernie is $40$ now. She believes that she will need

$$900,000$ to retire comfortably. To date, Bernie has set aside no retirement money. If Bernie gets $8\%$ compounded

semiannually, how much must she invest today to meet her $$900,000$ goal?