Chapter 66The following situations should be considered independently. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)(Use appropriate factor(s) from the tablesprovided.)1.John Jamison wants to accumulate $68,205 for a down payment on a small business. He willinvest $35,000 today in a bank account paying 10% interest compounded annually.Approximately how long will it take John to reach his goal?

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2.The Jasmine Tea Company purchased merchandise from a supplier for $37,698. Payment wasa noninterest-bearing note requiring Jasmine to make seven annual payments of $8,000beginning one year from the date of purchase. What is the interest rate implicit in thisagreement?

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3.Sam Robinson borrowed $19,000 from a friend and promised to pay the loan in 10 equalannual installments beginning one year from the date of the loan. Sam’s friend would like to