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1) To restructure some of its debt, General Motors made a decision to pay off one of its short-term loans.  If company borrowed the money 1 year ago at interest rate of 12% per year and total cost of re-paying loan was $120 million, determine amount of original loan?

A. PV= $107,142,857.14

B. FV=  $120,000,000.00            

C. RATE=  12%    

D. Nper=  1         

2) Two years ago I purchased many boxes of flooring for $20 at the auction.  I just sold them for $30. Determine effective annual rate of return did I make on my investment on basis of compound interest?

A. PV =  $20.00

B. FV =   $(30.00)

C. RATE =  22.474%

D. Nper =  2

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