problem1: find out the value of an annuity in which $1,100 is deposited at the end of each year for 5 years, at an interest rate of 11.5 percent compounded yearly.
problem2: find out the amount of each payment to be made to a sinking fund in order to pay off a $12,000 loan in 8 1/2 years when the funds earn interest at a rate of 10 percent compounded semi yearly.
problem3: find out the present value of an ordinary annuity with annual payments of $1,000, for 6 years, at 10 percent interest compounded yearly.