1. Ms. Simms made deposits of $540 at the end of every three months into a savings account.

For the first

five years interest was 5% compounded quarterly. Since then the rate of interest has been 5.5%
compounded quarterly. How much is the account balance after 13 years?

2. Satwinder deposited $145 at the end of each month for 15 years at 7.5% compounded monthly. After
her last deposit she converted the balance into an ordinary annuity paying $1200 every 3 months for 12
years. If interest on the annuity is compounded semi-annually, what is the nominal rate of interest paid
by the annuity?

3. To ensure that funds are available to repay the principal at maturity, a borrower deposits $2000 each
year for three years. If interest is 6% compounded quarterly, how much will the borrower have on
deposit four years after the first deposit was made?

4. How many months from now can a payment of $1000 due 12 months ago and a payment of $400 due 6
months from now be settled by a payment of $1746.56 if interest is 10.2% compounded monthly?

5. Leo invested $67 250 into an annuity earning 4.4% compounded semi-annually. How much is he able
to withdraw from the annuity at the end of every three months for seven years?

6. A ten-year promissory note dated April 1, 2001, with a face value of $4700.00 bearing interest at 7.2%
compounded semi-annually, discounted seven years later when money was worth 9.92% compounded
monthly. Find the proceeds.

7. A financial obligation requires the payment of $250.00 in eighteen months, $350.00 in thirty months,
and $300.00 in fifty-four months. In how many months can the obligation be discharged by a single
payment of $800.00 if interest is 5% compounded semi-annually?

8. You have inherited some money and you want to set some of that money aside for ten years. After ten
years, you would like to receive $7600.00 at the end of each 6 months for nine years. If the interest is
6.5% compounded semi-annually, how much of your inheritance must you set aside?

9. Mrs. Engleder has made deposits of $750.00 at the end of every six months for twenty-three years. If
interest is 3.72% compounded monthly, how much will Mrs. Engleder have accumulated six years after
the last deposit?