Homework Answers
b.Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=900[(1.07)^10-1]/0.07
=900*13.816
=$12434.4
c.Present value=1000*Present value of discounting factor(rate%,time period)
=1000/1.08^5
=1000*0.681
=$681
d.Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate
=700[1-(1.07)^-5]/0.07
=700*4.100
=$2870
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