Introduction to the Mathematics of Finance (Problem Set 6 – 8)

Examples
Text: G. D. Prichett & J. C. Saber
Solutions: Muhammad Shamim

Example 51 How much money should be deposited now in an

account earning 8 percent compounded quarterly if the amount in
the account 10 years from now is to be $10000?

Solution: Given Future value (F) = $10000

Interest rate per period (i) = 8%/4 = 0.08/4 = 0.02
Number of periods (n) = 10 years
= (10)(4) periods
= 40 periods
Requirement: Present value (P) = ?
We know,
P = F(1 + i) – n
= $10000(1 + 0.02) – 40
= $10000(0.45289)
= $4528.90 [Ans.]

Example 52 How much will be accumulated at the end of 10 years by

depositing $1000 at the end of each 6-month period in an account
paying 6 percent compounded semiannually?

Solution: Given Payment per period (R) = $1000

Interest rate per period (i) = 6%/2 = 0.03
Number of periods (n) = 10 years
= (10)(2) periods
= 20 periods
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 Bowen, Prichett & Saber’s Mathematics Manual
Requirement: (a) Future value of the annuity (P) = ?
We know,
 (1  i) n  1 
P = R 
 i 

 (1  0.03) 20  1 
= $1000 
 0.03 

= $1000(26.87037)
= $26870.37 [Ans.]

Example 53 Ms. Smith borrows $5000 from a bank at 12 percent

compounded monthly and promises to discharge the debt by equal
payments at the end of each month for 3 year. Find the amount of
each payment.
Solution: Given Present value of the annuity (P) = $5000
Interest rate per period (i) = 12%/12 = 0.01
Number of periods (n) = 3 years
= (3)(12) periods
= 36 periods
Requirement: (a) Payment per period (R) = ?
We know,
 i 
R = P n 
1  (1  i) 

 0.01 
= $5000 36 
1  (1  0.01) 
= $5000(0.03321431)
= $166.07 [Ans.]

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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)
Example 54 Sue will start college 6 months from now, and her
parents have decided to establish a bank account now to provide
$2500 every 6 month for tuition payments. If 8 tuition payments are
to be made and the account earns 6 percent compounded
semiannually, how much should be deposited?

Solution: Given Payment per period (R) = $2500

Interest rate per period (i) = 6%/2 = 0.06/2 = 0.03
Number of periods (n) = 8 periods
Requirement: Present value of the annuity (P) = ?
We know,
1  (1  i)  n 
P = R 
 i 

1  (1  0.03) 8 
= $2500 
 0.03 
= $2500(7.019692)
= $17549.23 [Ans.]

Example 55 If the gross national product now is $1683.5 billion and

is growing at a rate of 6 percent compounded annually, what will the
GNP be 20 years from now?

Solution: Given Present value (P) = $1683.5 billion

Interest rate per period (i) = 6% = 0.06
Number of periods (n) = 20 years
= (20)(1) periods
= 20 periods
Requirement: Future value (F) = ?
We know,
F = P(1 + i)n
= $1683.5(1 + 0.06)20
= $1683.5 (3.207128007)
= $5399.2 billion [Ans.]

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Example 56 Sam plans to buy a new car 2 years from now and
decides to accumulate $3000 to help pay for it by having a deduction
made from his monthly salary at the end of each month and
deposited in an employees’ savings account that, because of
employer contributions, earns 12 percent interest compounded
monthly. How much will be deducted each month?

Solution: Given Future value of the annuity (F) = $3000

Interest rate per period (i) = 12%/12 = 0.12/12 = 0.01
Number of periods (n) = 2 years
= (2)(12) periods
= 24 periods

Requirement: (a) Payment per period (R) = ?

We know,
 i 
R = F n 
 (1  i)  1 

 0.01 
= $3000 24 
 (1  0.01)  1

= $3000(0.037073)
= $111.22 per quarter. [Ans.]

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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)

Deferred Annuity
MULTISTEP PROBLEM

Example 57 Sam wants to determine how much he should deposit in

a retirement account now at 8 percent compounded quarterly so that
the amount in the account 10 years from now will provide an income
of $5000 every 6 months for 12 years, with the first $5000 to be
received in 10½ years. Sam estimates that 10 years from now he
should be able to earn 6 percent compounded semiannually on the
account when it is used to provide his semiannual income of $5000.
How much should Sam deposit now?

Solution:
Step 1 – (Annuity Step):
Given Payment per period (R) = $5000
Interest rate per period (i) = 6%/2 = 0.06/2 = 0.03
Number of periods (n) = 12 years
= (12)(2) periods
= 24 periods
Requirement: Present value of the annuity (P) = ?

We know,
1  (1  i)  n 
P = R 
 i 

1  (1  0.03) 24 
= $5000 
 0.03 
= $5000(16.935542)
= $84677.71

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Step 2 – (Single-Sum Step):
We know, under deferred annuity in single-sum step,
Present value in annuity step = Future value in single-sum step
So Future value (F) = $84677.71
Interest rate per period (i) = 8%/4 = 0.08/4 = 0.02
Number of periods (n) = 10 years
= (10)(4) periods
= 40 periods
Requirement: Payment value (P) = ?
We know,
P = F(1 + i) – n
= $84677.71(1 + 0.02) – 40
= $84677.71(0.452890376)
= $38349.72 [Ans.]

Example 58 Fran borrowed $2000 from Silverbank and signed a

note promising to discharge the debt with interest at 12 percent
compounded monthly at a maturity date 2 years from now. Six
months later, Silverbank needed more cash and sold Fran’s note to
Goldbank. Goldbank computed the maturity amount of Fran’s note
and gave Silverbank the present value of this amount, computed at 8
percent compounded quarterly. How much did Silverbank receive?

Solution:
Step 1 – (Future Value Step):
Given Present value (P) = $2000
Interest rate per period (i) = 12%/12 = 0.12/12 = 0.01
Number of periods (n) = 2 years
= (2)(12) periods
= 24 periods
Requirement: Future value (F) = ?
We know,
F = P(1 + i) n
= $2000(1 + 0.01) 24
= $2000(1.269735)
= $2539.47

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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)
Step 2 – (Present Value Step):
We know, under multistep problem in present value step, future value is
to be converted into present value.
So Future value (F) = $2539.47
Interest rate per period (i) = 8%/4 = 0.08/4 = 0.02
Number of periods (n) = (2 – ½) years
= 1½ years
= (1½)(4) periods
= 6 periods
Requirement: Present value (P) = ?
We know,
P = F(1 + i) – n
= $2539.47(1 + 0.02) – 6
= $2539.47(0.887971382)
= $2254.98 [Ans.]

Example 60 Sam wishes to provide himself (or his estate) with an

income of $5000 every 6 months, starting 15½ years from now and
continuing for 20 years. He deposits $25000 in the account now, and
he has a guaranteed inheritance of $10000, which he will receive 10
years from now and add to the account. He knows these sums will
not provide the income he wants, so he plans to make periodic
deposits to the account at the end of every 6 months for 15 years to
make up the difference. How much should the periodic deposits be if
all interest is computed at 6 percent compounded semiannually?

Solution: Requirement: (a) Payment per period (R) = ?

Given P1 = $25000
 P2 = P(1 + i/2) – (n)(2)
= $10000(1 + 0.06/2) – (10)(2)
= $5536.76

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1  (1  i / 2) ( n )(2) 
 P3 = $5000 
 i/2 

1  (1  0.06 / 2) ( 20)(2) 
= $5000 
 0.06 / 2 

= $115573.86

 P4 = P3(1 + i/2) – (n)(2)

= $115573.86(1 + 0.06/2) – (15)(2)
= $47614.90

 P5 = P4 – P1 – P2
= $47614.90 – $25000 – $5536.76
= $17078.14

 i/2 
 R = P5   ( n )( 2) 
1  (1  i / 2) 

 0.06 / 2 
= $17078.14  (15)(2) 
1  (1  0.06 / 2) 
= $871.31 [Ans.]

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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)

Problem Set 6 – 8
Text: G. D. Prichett & J. C. Saber
Solutions: Muhammad Shamim
Solve the following assuming all periodic payments are in
the form of ordinary annuities:

1 If $100 is deposited at the end of every 6 months for 5 years at 6

percent compounded semiannually, what will be the amount in the
account after the last deposit?

Solution: Given Payment per period (R) = $100

Interest rate per period (i) = 6%/2 = 0.06/2 = 0.03
Number of periods (n) = 5 years
= (5)(2) periods
= 10 periods
Requirement: Future value of the annuity (F) = ?
We know,
 (1  i) n  1 
F = R 
 i 

 (1  0.03)10  1 
= $100 
 0.03 

= $100(11.4639)
= $1146.39 [Ans.]

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2 Sue borrowed $7000 at 12 percent compounded monthly for 3
years to buy a car. How much will she have to pay at the end of each
month to discharge the debt?

Solution: Given Present value of the annuity (P) = $7000

Interest rate per period (i) = 12%/12 = 0.01
Number of periods (n) = 3 years
= (3)(12) periods
= 36 periods
Requirement: Payment per period (R) = ?
We know,
 i 
R = P n 
1  (1  i) 

 0.01 
= $7000 36 
1  (1  0.01) 

= $7000(0.033214)
= $235.50 [Ans.]

3 At 8 percent compounded quarterly, what will be the amount of a

current deposit of $5000 in 10 years?

Solution: Given Present value (P) = $5000

Interest rate per period (i) = 8%/4 = 0.08/4 = 0.02
Number of periods (n) = 10 years
= (10)(4) periods
= 40 periods
Requirement: Future value (F) = ?
We know,
F = P(1 + i) n
= $5000(1 + 0.02) 40
= $5000(2.20804)
= $11040.20 [Ans.]

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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)
4 How much should be deposited at the end of each year into an
account earning 8 percent compounded annually in order to
accumulate $10000 at the time of the last deposit 9 years from now?

Solution: Given Future value of the annuity (F) = $10000

Interest rate per period (i) = 8%= 0.08
Number of periods (n) = 9 years
= (9)(1) periods
= 9 periods

Requirement: Payment per period (R) = ?

We know,
 i 
R = F n 
 (1  i)  1 

 0.08 
= $10000 9 
 (1  0.08)  1

= $10000(0.08008)
= $800.80 [Ans.]

5 What sum of money deposited now at 8 percent compounded

annually will grow to $10000 in 20 years?

Solution: Given Future value (F) = $10000

Interest rate per period (i) = 8% = 0.08
Number of periods (n) = 20 years
= (20)(1) periods
= 20 periods
Requirement: Present value (P) = ?

We know,
P = F(1 + i) – n
= $10000(1 + 0.08) – 20
= $10000(0.214548)
= $2145.48 [Ans.]

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 Bowen, Prichett & Saber’s Mathematics Manual
6 How much should be deposited now at 7 percent compounded
annually to provide an income of $20000 at the end of each year for
the next 22 years?

Solution: Given Payment per period (R) = $20000

Interest rate per period (i) = 7% = 0.07
Number of periods (n) = 22 years
= (22)(1) periods
= 22 periods
Requirement: Present value of the annuity (P) = ?
We know,
1  (1  i)  n 
P = R 
 i 

1  (1  0.07) 22 
= $20000 
 0.07 
= $20000(11.0612405)
= $221224.81 [Ans.]

7 The population of a town now is $2000. Population five years ago is

unknown, but it is estimated that population has increased at the
rate of 6 percent compounded annually. Estimate the population 5
years ago.

Solution: Given Future value (F) = $52000

Interest rate per period (i) = 6% = 0.06
Number of periods (n) = 5 years
= (5)(1) periods
= 5 periods
Requirement: Present value (P) = ?
We know,
P = F(1 + i) – n
= $52000(1 + 0.06) – 5
= $52000(0.74725)
= $38857 [Ans.]
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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)
8 Sam borrowed $4000 at 24 percent compounded monthly to pay
for construction of a garage. The debt is to be discharged by
payments at the end of each month for 30 months. Find the amount
of the monthly payment.

Solution: Given Present value of the annuity (P) = $4000

Interest rate per period (i) = 24%/12 = 0.02
Number of periods (n) = 30 months
= 2.5 years
= (2.5)(12) periods
= 30 periods
Requirement: Payment per period (R) = ?
We know,
 i 
R = P n 
1  (1  i) 
 0.02 
= $4000 30 
1  (1  0.02) 
= $4000(0.04465)
= $178.60 [Ans.]

9 Jill has $250 taken from her salary at the end of each quarter and
deposited in an employees’ fund that earns 8 percent compounded
quarterly. What will be the amount in the account after the last
deposit is made 5 years from now?

Solution: Given Payment per period (R) = $250

Interest rate per period (i) = 8%/4 = 0.08/4 = 0.02
Number of periods (n) = 5 years
= (5)(4) periods
= 20 periods
Requirement: Future value of the annuity (F) = ?
We know,
 (1  i) n  1 
F = R 
 i 

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 Bowen, Prichett & Saber’s Mathematics Manual
 (1  0.02) 20  1 
= $250 
 0.02 
= $250(24.29736)
= $6074.34 [Ans.]

10 The board of directors of a company has voted to establish a fund

that will provide a retiring executive with an income of $5000 at the
end of each quarter for 10 years. The fund will be invested in the
company, which earns 12 percent compounded quarterly. Find the
amount that should be invested.

Solution: Given Payment per period (R) = $5000

Interest rate per period (i) = 12%/4 = 0.12/4 = 0.03
Number of periods (n) = 10 years
= (10)(4) periods
= 40 periods
Requirement: Present value of the annuity (P) = ?
We know,
1  (1  i)  n 
P = R 
 i 

1  (1  0.03) 40 
= $5000 
 0.03 

= $5000(23.114772)
= $115573.86 [Ans.]

11 The real estate tax on a piece of property now is $2000 per year.
If taxes increase at the rate of 5 percent compounded annually, what
will the tax on this property be 10 years from now?
Solution: Given Present value (P) = $2000
Interest rate per period (i) = 5% = 0.05
Number of periods (n) = 10 years
= (10)(1) periods
= 10 periods
Requirement: Future value (F) = ?
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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)
We know,
F = P(1 + 0.05) n
= $2000(1 + 0.05) 10
= $2000(1.628895)
= $3257.79 [Ans.]

12 Sam wants to accumulate $10000 for a down payment on a home

8 years from now. He will do this by making a deposit at the end of
each quarter in an account earning 8 percent compounded
quarterly. How much should be deposit each quarter?

Solution: Given Future value of the annuity (F) = $10000

Interest rate per period (i) = 8%/4= 0.08/4= 0.02
Number of periods (n) = 8 years
= (8)(4) periods
= 32 periods

Requirement: Payment per period (R) = ?

We know,
 i 
R = F n 
 (1  i)  1 

 0.02 
= $10000 32 
 (1  0.02)  1

= $10000(0.022611)
= $226.11 [Ans.]

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MULTISTEP PROBLEMS
13 A note for $3000 with interest at 12 percent compounded monthly
is payable 40 months from now. Find the (then present) value of the
note 19 months from now if this value is computed at 8 percent
compounded quarterly?
Solution:
Step 1 – (Future Value Step):
Given Present value (P) = $3000
Interest rate per period (i) = 12%/12 = 0.12/12 = 0.01
Number of periods (n) = 40 periods
Requirement: Future value (F) = ?
We know,
F = P(1 + i) n
= $3000(1 + 0.01) 40
= $3000(1.488863734)
= $4466.59
Step 2 – (Present Value Step):
We know, under multistep problem in present value step, future value is
to be converted into present value.
So Future value (F) = $4466.59
Interest rate per period (i) = 8%/4 = 0.08/4 = 0.02
Number of periods (n) = (40 – 19) months
= 21 months
= 21/12 years
= (21/12)(4) periods
= 7 periods
Requirement: Present value (P) = ?
We know,
P = F(1 + i) – n
= $4466.59(1 + 0.02) – 7
= $4466.59 (0.870561211)
= $3888.44 [Ans.]
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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)
14 Sue has purchased $20000 worth of securities earning 10 percent
compounded semiannually. Ten years from now, she plans to use the
securities and interest to establish an amount earning 7 percent
compounded annually, and to exhaust this account by equal
withdrawals at the end of each year for 5 years. How much will each
withdrawal be?
Solution:
Step 1 – (Future Value Step):
Given Present value (P) = $20000
Interest rate per period (i) = 10%/2 = 0.10/2 = 0.05
Number of periods (n) = 10 years
= (10)(2) periods
= 20 periods
Requirement: Future value (F) = ?
We know,
F = P(1 + i) n
= $20000(1 + 0.05) 20
= $20000(2.653297705)
= $53065.9541

Step 2 – (Present Value of Annuity Step):

We know, under multistep problem in present value step, future value is
to be converted into present value.
So Present value (P) = $53065.9541
Interest rate per period (i) = 7% = 0.07
Number of periods (n) = 5 years
= (5)(1) periods
= 5 periods
Requirement: Payment per period (R) = ?
We know,
 i 
R = P n 
1  (1  i) 
 0.07 
= $53065.9541 5 
1  (1  0.07) 
= $53065.9541(0.2438906)
= $12942.29 [Ans.]

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15 How much should be deposited now at 8 percent compounded
semiannually to make possible equal withdrawals of $5000 at the
end of each year for 5 years, the first withdrawal to be made 10
years from now? Interest during the withdrawal period is to be 7
percent compounded annually.

Solution:
Step 1 – (Far Present Value Step):
Given Payment per period (R) = $5000
Interest rate per period (i) = 7% = 0.07
Number of periods (n) = 5 years
= (5)(1) periods
= 5 periods
Requirement: Near Present value of the annuity (P) = ?
We know,
1  (1  i)  n 
P = R 
 i 
1  (1  0.07) 5 
= $5000 
 0.07 
= $5000(4.100197436)
= $20500.98718

Step 2 – (Near Present Value Step):

We know, under multistep problem in present value step, far present
value is to be converted into near present value.

So Future value (F) = $20500.98718

Interest rate per period (i) = 8%/2 = 0.08/2 = 0.04
Number of periods (n) = (10 – 1) years
= (9)(2) periods
= 18 periods
Requirement: Present value (P) = ?
We know,
P = F(1 + i) – n
= $20500.98718(1 + 0.04) – 18
= $20500.98718(0.493627936)
= $10119.86 [Ans.]

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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)
16 Nine years from now, Sam wants to have an amount available to
deposit into an account that earns 6 percent compounded annually.
This account is to provide Sam with an income of $10000 at the end
of each year for 10 years. To accomplish this, Sam invests in an 8-
year bank certificate that pays 8 percent compounded semiannually,
and he will use this certificate, plus its interest, to establish his
income account. What should the principal value of the certificate
be?
Solution:
Step 1 – (Far Present Value Step):
Given Payment per period (R) = $10000
Interest rate per period (i) = 6% = 0.06
Number of periods (n) = 10 years
= (10)(1) periods
= 10 periods
Requirement: Near Present value of the annuity (P) = ?
We know,
1  (1  i)  n 
P = R 
 i 

1  (1  0.06) 10 
= $10000 
 0.06 

= $10000(7.360087051)
= $73600.87
Step 2 – (Near Present Value Step):
We know, under multistep problem in present value step, far present
value is to be converted into near present value.

So Future value (F) = $73600.87

Interest rate per period (i) = 8%/2 = 0.08/2 = 0.04
Number of periods (n) = (9 – 1) years
= (8)(2) periods
= 16 periods
Requirement: Present value (P) = ?

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We know,
P = F(1 + i) – n
= $73600.87(1 + 0.04) – 16
= $73600.87(0.493627936)
= $39296.11 [Ans.]

17 Fran will make 20 equal semiannual deposits to an account

earning 8 percent compounded semiannually. Then, after the last
deposit, she will use the amount in the account to establish an
ordinary annuity earning 6 percent compounded annually which
will provide her with $10000 at the end of each year for 5 years. How
much should Fran’s semiannual deposit be?

Solution:
Step 1 – (Far Present Value Step):
Given Payment per period (R) = $10000
Interest rate per period (i) = 6% = 0.06
Number of periods (n) = 15 years
= (5)(1) periods
= 5 periods
Requirement: Near Present value of the annuity (P) = ?
We know,
1  (1  i)  n 
P = R 
 i 

1  (1  0.06) 5 
= $10000 
 0.06 

= $10000(4.212363785)
= $42123.63785

Step 2 – (Near Present Value Step):

We know, under multistep problem in present value step, far present
value is to be converted into near present value.

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So Future value (F) = $42123.63785
Interest rate per period (i) = 8%/2 = 0.08/2 = 0.04
Number of periods (n) = 20 periods

Requirement: Payment per period (R) = ?

We know,
 i 
R = F n 
 (1  i)  1 
 0.04 
= $$42123.63785 20 
 (1  0.04)  1 
= $42123.63785(0.033581857)
= $1414.59 [Ans.]

18 During a 3-year period when his business was prospering, Jack

was able to deposit $1000 at the end of each month in an account
earning 12 compounded monthly. The business slackened, and Jack
could not continue the deposits. Moreover, the interest rate on his
accumulated deposits fell to 8 percent compounded quarterly and
remained at this level for 10 years, at which time Jack decided to
exhaust the account by withdrawing equal amounts at the end of
every 6 months for 5 years. The interest rate remained at 8 percent
compounded semiannually over the time of the withdrawals. How
much did Jack withdraw every 6 months?

Solution:
Step 1 – (Future Value Step):
Given Payment per period (R) = $1000
Interest rate per period (i) = 12%/12 = 0.12/12 = 0.01
Number of periods (n) = 3 years
= (3)(12) periods
= 36 periods
Requirement: Future value of the annuity (F) = ?
We know,
 (1  i) n  1 
F = R 
 i 

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 (1  0.01)36  1
= $1000 
 0.01 
= $1000(43.07687836)
= $43076.87836 [Ans.]

Step 2 – (Future Value Step):

We know, under multistep problem in present value step, future value is
to be converted into present value.

So Present value (P) = $43076.87836

Interest rate per period (i) = 8%/4 = 0.08/4 = 0.02
Number of periods (n) = 10 years
= (10)(4) periods
= 40 periods

Requirement: Future value (F) = ?

We know,
F = P(1 + i) n
= $43076.87836(1 + 0.02) 40
= $43076.87836(2.208039664)
= $95115.456

Step 3 – (Present Value of Annuity Step):

We know, under multistep problem in present value step, future value is
to be converted into present value.

So Present value (P) = $95115.456

Interest rate per period (i) = 8%/2 = 0.08/2 = 0.04
Number of periods (n) = 5 years
= (5)(2) periods
= 10 periods
Requirement: Payment per period (R) = ?
We know,
 i 
R = P n 
1  (1  i) 
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 Introduction to the Mathematics of Finance (Problem Set 6 – 8)
 0.04 
= $95115.456 10 
1  (1  0.04) 
= $53065.9541(0.123290944)
= $11726.87 [Ans.]

19 Jill wishes to provide herself, or her estate, with an income of

$10000 at the end of each year for 10 years. She will make a lump
sum deposit when the account is established and add $3000 at the
end of each year for 12 years. The income is to start at the end of the
year following the year in which the last deposit was made. Compute
the lump sum deposit. (All interest rates are 7 percent compounded
annually.)

Solution: Requirement: Lump sum deposit (P) = ?

Let Jill starts with a lump sum deposit of $P.

From the condition,

 (1  0.07)12  1  1  (1  0.07) 10 
P(1 + 0.07)12 + $3000  = $10000 
 0.07   0.07 
 P(2.252191589) + $53665.35381 = $70235.81541
 P(2.252191589) = $70235.81541 – $53665.35381
 P(2.252191589) = $16570.4616
$16570.4616
P =
$2.252191589

 P = $7357.48 [Ans.]

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Problem
Set 6 – 9

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