11. In today’s dollars, the second option is worth $24,731.27< $25,000 , the second option is cheaper.
12. $800,000
13. j4 = 20.0000%
14. A: 12.7696%, B: 12.7844%, C: 12.6825%, B is the best investment.
15. (a) $3,577.75 (b) j4= 2.9759% (c) j2= 14.2151% (d) 12.34 years
16. $5,000
17. $2,004.02
18. 8.0%
19. 422 days
20. $9,096.43
(source)