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What is the future value of eight semi-annual payments

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Reference no: EM132843833

Problem 1: What is the future value of 8 semi-annual payments of $331, with the first payment to occur six months from today, if the interest rate is 6% p.a.? (Don't forget to calculate the semi-annual interest rate before using the annuity formula.)

Problem 2: What is the present value of an annuity consisting of 6 quarterly payments of $380, with the first payment to occur three months from now, if the interest rate is 12% p.a.? (Hint: You need to calculate the quarterly interest rate before you can use the annuity formula.)

Reference no: EM132843833

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