1. Find the present value of the following ordinary annuities. (Notes: If you are using a financial calculator, you can enter the known values and then press the appropriate key to find the unknown variable. Then, without clearing the TVM register, you can “override” the variable that changes by simply entering a new value for it and then pressing the key for the unknown variable to obtain the second answer. This procedure can be used in many situations, to see how changes in input variables affect the output variable. Also, note that you can leave values in the TVM register, switch to Begin Mode, press PV, and find the PV of the annuity due.) Do not round intermediate calculations. Round your answers to the nearest cent.
a. $200 per year for 10 years at 12%. $________
b. $100 per year for 5 years at 6%. $ _____
c.$200 per year for 5 years at 0%. $______
d. Now rework parts a, b, and c assuming that payments are made at the beginning of each year; that is, they are annuities due.
Present value of $200 per year for 10 years at 12%: $_______Present value of $100 per year for 5 years at 6%: $________
Present value of $200 per year for 5 years at 0%:$________
2. Find the amount to which $475 will grow under each of the following conditions. Do not round intermediate calculations. Round your answers to the nearest cent.
a. 9% compounded annually for 5 years. $_______
b.9% compounded semiannually for 5 years. $_______
c. 9% compounded quarterly for 5 years. $_______
d.9% compounded monthly for 5 years. $_______
3. Find the present value of $300 due in the future under each of the following conditions. Do not round intermediate calculations. Round your answers to the nearest cent.
a. 15% nominal rate, semiannual compounding, discounted back 5 years. $_______
b. 15% nominal rate, quarterly compounding, discounted back 5 years. $_______
c . 15% nominal rate, monthly compounding, discounted back 1 year. $_______
4.Find the future values of the following ordinary annuities.
a. FV of $600 each 6 months for 9 years at a nominal rate of 12%, compounded semiannually. Do not round intermediate calculations. Round your answer to the nearest cent. $______
b. FV of $300 each 3 months for 9 years at a nominal rate of 12%, compounded quarterly. Do not round intermediate calculations. Round your answer to the nearest cent. $______
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