section 13.1 2. Determine the accumulated value after 12 years of deposits of $ 360 made at the beginning of every 3 months and earning interest at 7% compounded quarterly.

8. Claude made semi- annual deposits of $ 3100 at the beginning of a six- month period into a fund earning 6.8% compounded semi- annually for nine years. No further deposits were made. ( a) How much will be in the account 15 years after the first deposit? ( b) How much in total was deposited? ( c) How much interest will have been earned?

10. Elspeth McNab purchased a boat valued at $ 12 500 on the installment plan requir-ing equal monthly payments for four years. If the first payment is due on the date of purchase and interest is 7.5% compounded monthly, what is the size of the monthly payment?

20. A vehicle can be purchased by paying $ 27 000 now, or it can be leased by paying $ 725 per month for the next four years, with the first payment due on the day of signing the lease. What nominal annual rate of interest is charged on the lease?

13.2. 2. Jamie Dean contributes $ 125 at the beginning of each month into an RRSP paying interest at 6.5% compounded semi- annually. What will be the accumulated balance in the RRSP at the end of 25 years? 4. Gerald and Marysia bought a property by agreeing to make semi- annual payments of $ 2500 for seven years. If the first payment is due on the date of purchase and interest is 9% compounded quarterly, what is the purchase price of the property? 6. How much would you have to pay into an account at the beginning of every six months to accumulate $ 10 000 in eight years if interest is 7% compounded quarterly? 10. Sarah Ling has saved $ 85 000. If she decides to withdraw $ 3000 at the beginning of every three months and interest is 6.125% compounded annually, for how long can she make withdrawals?

13.3. 4. Josie won $ 8000 in an essay- writing contest. The money was deposited into a sav-ings account earning 4.2% compounded monthly. She intends to leave the money for five- and- a- half years, then withdraw amounts at the end of each month for the next four years while she studies to become an entrepreneur. What will be the size of each withdrawal? 10. Mrs. Bell expects to retire in 7 years and would like to receive $ 800 at the end of each month for 10 years following the date of her retirement. How much must Mrs. Bell deposit today in an account paying 7.5% compounded semi- annually to receive the monthly payments? 18. Thomas is planning to withdraw $ 8000 from a savings account at the end of each quarter for four years. If the payments are deferred for five years and interest is 5.34% compounded semi- annually, what amount has to be invested now into the savings account?

13.4. 2. Mike borrowed $ 14 000 at 6.5% compounded semi- annually. If the loan is to be repaid in equal semi- annual payments over three years and the first payment is due four years after the date of the loan, what is the size of the semi- annual payment? 4. An RRIF with a beginning balance of $ 21 000 earns interest at 10% compounded quarterly. If withdrawals of $ 3485 are made at the beginning of every three months, starting eight years from now, how long will the RRIF last?

13.5. 2. How much can be paid in scholarships at the end of each year if $ 150 000 is depos-ited in a trust fund and interest is 4.5% compounded annually? 10. Municipal Hydro offers to acquire a right- of- way from a property owner who receives annual lease payments of $ 2225 due in advance. What is a fair offer if money is worth 5.5% compounded quarterly?