It is now January 1, 2006, and you will need $1,000 on January 1, 2010, in 4 years. Your bank
compounds interest at an 8 percent annual rate.
a. How much must you deposit today to have a balance of $1,000 on January 1, 2010?
b. If you want to make 4 equal payments on each January 1 from 2007 through to 2010 to
accumulate the $1,000, how large must each payment be? (payments begin a year from
today). (5 marks)
c. If you have only $750 on January 1, 2007, what interest rate, compounded annually for
3 years, must you earn to have $1,000 on January 1, 2010? (5 marks)
d. Your father offers to give you $400 on January 1, 2007. You will then make 6 additional
equal payments each 6 months from July 2007 through January 2010. If your bank pays 8
percent, compounded semiannually, how large must each payment be for you to end up
with $1,000 on January 1, 2010? (8 marks)
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