Present and Future value of annuties
Hi, I was wondering if someone could please help me with these 3 finance questions. It would be must appreciated
1. you receive payments of 1000 dollars every 8 month for the next 9 years. The first payment will occur 8 months from today. There will be a total of 12 payments. What is the present value of this investment. The required rate of return is 10% compounded annually.
my answer was 19917 but I think its wrong
2. you are surprised to learn that your mom bought a new car today. She has to make 48 monthly payments of 800$, and the first payment is due today. If the interest rate is 7% compounded quarterly, what is the price of the car?
my answer was 38928.04 but I also think its wrong
3. your sister wants to purchase an investment that will pay her 500$ every 3 months for the next 10 yrs. The first payment will be made 3 months from today. If your sister requires a rate of return of 8% compounded monthly what should she expect to pay for the investment?
this question I have no idea.
thanks
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