1.Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.) $1600/semiannual period for 6 years at 3.5%/year compounded semiannually 2. Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.) $1200/quarter for 7 years at 3%/year compounded quarterly 3.Find the present value of the ordinary annuity. (Round your answer to the nearest cent.) $1500/semiannual period for 9 years at 5%/year compounded semiannually 4.If Jackson deposits $50 at the end of each month in a savings account earning interest at a rate of 2%/year compounded monthly, how much will he have on deposit in his savings account at the end of 5 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.) 5.The Pirerras are planning to go to Europe 2 years from now and have agreed to set aside $130/month for their trip. If they deposit this money at the end of each month into a savings account paying interest at the rate of 3%/year compounded monthly, how much money will be in their travel fund at the end of the second year? (Round your answer to the nearest cent.) 6.A state lottery commission pays the winner of the Million Dollar lottery 40 installments of $25,000/year. The commission makes the first payment of $25,000 immediately and the other n = 39 payments at the end of each of the next 39 years. Determine how much money the commission should have in the bank initially to guarantee the payments, assuming that the balance on deposit with the bank earns interest at the rate of 2%/year compounded yearly. Hint: Find the present value of the annuity. (Round your answer to the nearest cent.)
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