Complete the following using compound future value (Please use the following provided Table.) (Round your answers to the nearest cent.)

Time	Principal	Rate	Compounded	Amount	Interest
12 years	$16,700	2%	Annually	______________$	________$

Principal: $17,300

Interest rate: 20%

Compounded Quarterly

Calculate the effective rate (APY) of interest for 1 year. (Please use the following provided Table.) (Do not round intermediate calculations. Round your final answer to the nearest hundredth percent.)

Effective rate

___________ %

Complete the following using present value. (Please use the following provided Table.) (Do not round intermediate calculations. Round the "Rate used" to the nearest tenth percent. Round the "PV factor" to 4 decimal places and final answer to the nearest cent.)

Amount desired at end of period

Length of time

Rate

Compounded

On PV Table

PV factor used_______

PV of amount desired at end of period$_______

Period used_____

Rate used_____

$7,700

9 years

3%

semiannually

%

Find the future value. (Use the Table12.1.) (Do not round intermediate calculations. Round the "FV factor" to 4 decimal places and final answer to the nearest cent.)

Present Value

Length of time

Rate

Compounded

On FV Table

FV factor used________

Future value $_______

Period used

Rate used

$12,214.72

4 years

12%

Quarterly

16

3%

Lee Holmes deposited $16,300 in a new savings account at 10% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $41,300 at 10% interest compounded semiannually.

At the end of 6 years, what is the balance in Lees account? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Balance

$__________

The International Monetary Fund is trying to raise $1,700 billion in 7 years for new funds to lend to developing countries. At 12% interest compounded quarterly, how much must it invest today to reach $1,700 billion in 7 years? (Use the following provided Table.) (Do not round intermediate calculations. Enter your answer in billions of dollar rounded to 2 decimal places.)

Present Value

$___________ billion