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1. Mike's Sport Shop deposits $3,600 at the end of each year for 12 years at 7% annual interest.

a. How much will this ordinary annuity be worth at the end of the 12 years?
Answer:

b. How much more will this annuity be worth (annuity due) if Mike deposits the money at the beginning of each year instead of at the end of each year?
Answer:

2. Barb and John Reed want to know how much they must deposit in a retirement savings account today to have payments of $1,750 every six months for 15 years. The retirement account is paying 8% annual interest, compounded semiannually.

 

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