Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $120 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 16 months?

In ten years time a person would like to have accumulated $22,109 so they can make a down payment on a house. How much do they need to deposit today at an annual interest rate of 9.98% if the account compounds semiannually?   Enter a number rounded to two decimal places.

Elizabeth Brown has $23,000 that she can deposit into a savings account for five years. Bank A compounds interest annually, Bank B twice a year, and Bank C quarterly. Each bank has a stated interest rate of 7 percent. What account balance would Elizabeth have at the end of the fifth year if she left all the interest paid on the deposit in each bank? (Round answers to 2 decimal places, e.g. 52.75.) Future Value

Use the appropriate formula located on Illustration 10-1 on page 209 to solve the problem. Bob deposits $5000 at the end of each 6 months for 14 years in an account paying 6% interest compounded semiannually A) Find the amount he will have on deposit at maturity. B) How much interest did Bob earn? Hint: Find the total amount that was deposited by multiplying the total number deposits with amount of each deposit and then subtracting this from the future value. Show the use of the appropriate formulas for each part by indicating the evaluation of the formula with information and provide the answers. Be sure to parts using the provided letters and organize your work neatly.