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Question 1

Present and future values for different periods

Find the following values using the equations and then a financial calculator. Compounding/discounting occurs annually. Round your answers to the nearest cent.

a) An initial $600 compounded for 1 year at 8%. $___________

b) An initial $600 compounded for 2 years at 8%. $___________

c) The present value of $600 due in 1 year at a discount rate of 8%. $___________

d) The present value of $600 due in 2 years at a discount rate of 8%.

$___________

Question 2

Part 1

Time for a lump sum to double

If you deposit money today in an account that pays 4.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.

__________years

Part 2

Shalit Corporation's 2011 sales were $10 million. Its 2006 sales were $5 million.

a) At what rate have sales been growing? Round your answer to two decimal places.

__________%

b) Suppose someone made this statement: "Sales doubled in 5 years. This represents a growth of 100% in 5 years, so, dividing 100% by 5, we find the growth rate to be 20% per year." Is that statement correct?

Option 1: The statement is correct because 100% divided by 5 equals 20%

Option 2: The statement is incorrect because there are 6 years of sales growth between 2005 and 2010

Option 3:The statement is incorrect because a companys sales cannot double in such a short time span

Option 4: The statement is incorrect since the effect of compounding is not considered

Option 5: The statement is correct since the effect of discounting is considered

Which option is correct________