Average annual rate of growth of sales

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1) In five years your oldest child will be in 8th grade, at which point you and your family plan to vacation in Spain. You estimate that you will need $20,000 for the trip. How much do you need to set aside today if you can place your money in an investment vehicle earning an average of 4.50% per year?

2) Swan Construction had sales seven years ago of $2,150,000. This year their sales hit $4,600,000. What has been Simpson's average annual rate of growth of sales?

Reference no: EM13753607

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