Problem 5-14 Future value of an annuity

Find the future values of these ordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent.

Rework previous parts assuming that they are annuities due. Round your answers to the nearest cent.

$200 per year for 12 years at 10%.

$100 per year for 6 years at 5%.

$600 per year for 10 years at 0%.

$200 per year for 12 years at 10%.

$100 per year for 6 years at 5%.

$600 per year for 10 years at 0%

Problem 5-13 Time for a lump sum to double

How long will it take $400 to double if it earns the following rates? Compounding occurs once a year. Round each answer to two decimal places.

8%.

10%.

20%.

100%.

Problem 5-10 Present and future values for different interest rates

Find the following values. Compounding/discounting occurs annually. Round your answers to the nearest cent.

An initial $500 compounded for 10 years at 3%.

b. An initial $500 compounded for 10 years at 6%.

c. The present value of $500 due in 10 year at a discount rate of 3%.

d.The present value of $1,230 due in 10 years at 6%.

e. The present value of $1,230 due in 10 years at 3%.