Please answer the following questions carefully. Show ALL SOLUTIONS.

When Ben Taylor was born, his parents began depositing $500 at the beginning of every year into an annuity to save for his college education. If the account paid 7% interest compounded annually for the first 10 years and then dropped to 5% for the next 8 years, how much is the account worth now that Ben is 18 years old and ready for college? As the chief accountant for Proline Industries, you have estimated that the company must pay $100,000 income tax to the IRS at the end of each quarter this year. How much should be deposited now at 8% interest compounded semi-annually to meet this tax obligation? Ocean Air Corporation needs $100,000 in 5 years to pay off a loan. What payment is required at the end of each month at 12% interest compounded monthly to meet this financial obligation? Norm Legend has been awarded a scholarship from Canmore College. For the next 4 years, he will receive $3,500 for tuition and books at the beginning of each quarter. How much must the school set aside now in an account earning 3% interest compounded quarterly to pay Norm's scholarship? Jennifer Kaufman bought a used Toyota Prius for $15,500. She made a $2,500 down payment and is financing the balance at Imperial Bank over a 3-year period at 12% interest. As her banker, calculate what equal monthly payments will be required by Jennifer to payoff the car loan. Cam saved $250 each month for the last five years while he was working. Since he has now gone back to school, his income is lower and he cannot continue to save this amount during the time he is studying. He plans to continue his studies for four years and not withdraw any money from his savings account. Money is worth 4.5% compounded monthly. a. How much will Cam have in total in his savings account when he finishes his studies? b. How much did he contribute? c. How much will the interest be