Time for a lump sum to double

How long will it take $600 to double if it earns the following rates? Compounding occurs once a year. Round each answer to two decimal places.

a. 7%.

b. 13%.

c. 19%.

d. 100%.

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.

a. $300 per year for 2 years at 16%.

b. $150 per year for 1 year at 8%.

c. $600 per year for 16 years at 0%.

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

d. $300 per year for 2 years at 16%.

e. $150 per year for 1 year at 8%.

f. $600 per year for 16 years at 0%.

Present value of an annuity

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

a. $1,000 per year for 14 years at 8%.

b. $500 per year for 7 years at 4%.

c. $400 per year for 8 years at 0%.

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

d. $1,000 per year for 14 years at 8%.

e. $500 per year for 7 years at 4%.

f. $400 per year for 8 years at 0%.