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1. Find the proceeds of a promissory note with a maturity valueof

?$1700

due on

November

30,

2024

discounted at

3.1?%

compounded

semi-annually

on

May

31?,

2022.

The proceeds are

?$nothing.

?(Round to the nearest cent as needed. Round all intermediatevalues to six decimal places as? needed.)

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2. Gabe

opened an RRSP deposit account on December? 1, 2008, with adeposit of

?$1300.

He added

?$1300

on

December

?1, 2010, and

?$1300

on

JanuaryJanuary

?1, 2012. How much is in his account on

October

?1, 2016, if the deposit earns

8.3?%

p.a. compounded

monthly??

The amount in the account is

?$nothing.

?(Round the final answer to the nearest cent as needed. Roundall intermediate values to six decimal places as? needed.)

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3.

A loan of

?$5989

borrowed today is to be repaid in three equal installments duein

two

years?,

three

?years, and

five

?years, respectively. What is the size of the equal installmentsif money is worth

2.3%

compounded quarterly question markquarterly?The payments areeach

?$nothing.

?(Round the final answer to the nearest cent as needed. Roundall intermediate values to six decimal places as? needed.)

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4.

Scheduled payments of

?$863?,

?$811?,

and

?$1491

are due in

one

year?,

four-and-a-half

?years, and

five

years respectively. What is the equivalent single replacementpayment

threethree

years from now if interest is

6.6%

compounded monthly question markmonthly?The equivalent singlereplacement payment is

?$nothing.

?(Round the final answer to the nearest cent as needed. Roundall intermediate values to six decimal places as? needed.)

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5.

the Continental Bank advertises capital savings at

7.4?%

compounded

semi-annually

while TD Canada Trust offers premium savings at

7.33?%

compounded

monthly.

Suppose you have

?$3000

to invest for two years.

?(a) Which deposit will earn more? interest?

?(b) What is the difference in the amount of? interest?

?(a) The

Continental Bank

TD Canada Trust

savings account will earn more interest.?(b) The differenceis

?$13.41.

?(Round the final answer to the nearest cent as needed. Roundall intermediate values to six decimal places as? needed.)

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