1. What is the effect when interest is compounded quarterly versus annually? 2. What is the meaning of the terms present value and future value? How can you determine whether to calculate the present...

1. What is the effect when interest is compounded quarterly versus annually?

2. What is the meaning of the terms present value and future value? How can you determine whether to calculate the present value or the future value of an amount?

3. What is the meaning of the word annuity? Can the present value of an annuity be calculated as a series of single amounts? If so, how?