# Use whatever Excel spreadsheet (or TVM app) you choose to answer the following q

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Use whatever Excel spreadsheet (or TVM app) you choose to answer the following questions.
Type your answers next to the questions and submit as a Word file through Canvas.
It is worth a total of 40 points.
1. (8 points) Find the future value of investing the equivalent of \$12,000 starting today for 8
years when the annual interest rate of 8.75% is:
a. Compounded annually
b. Compounded semiannually
c. Compounded quarterly
d. Compounded monthly
2. (8 points) You want to have \$100,000 at the end of 15 years from now to use to purchase
some real estate. How much do you have to invest today if annual interest is 5.25% and
interest is compounded:
a. Annually
b. Semiannually
c. Quarterly
d. Monthly
3. (8 points) You are comparing different saving schemes and want to find out which one
will get you most money if you invest the annual equivalent of \$18,000 for the next 15
years when annual interest over those 15 years is 7.50%. How much will you end up
with if you save that \$18,000:
a. Once per year (annually)
b. Twice per year (semiannually)
c. Four times per year (quarterly)
d. Twelve time per year (monthly)
4. (8 points) A relative has offered to give you today an amount that will allow you to
withdraw the equivalent of \$25,000 per year for the next 10 years. How much does that
relative have to give you if annual interest over the next 10 years is 6.40% and you want
to withdraw money:
a. Once per year
b. Twice per year
c. Four times per year
d. Twelve times per year
5. (4 points) Mary and Larry are given the same sum of money to invest today for five
years. Annual interests rates for both investments are the same, but Mary’s interest is
compounded every month while Larry’s is compounded every six months. Who will
have the most money at the end of five years?
6. (4 points) Flo and Moe are planning to have saved the same amount ten years from now.
Both put their investments in an account that will earn the same annual interest over the
next ten years, but Moe’s interest is compounded quarterly while Flo’s is compounded
just annually. Who has to invest more today, Flo or Moe?

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