Gentleman bought a limited-edition wolverine figurine

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Reference no: EM131998343

1. You are celebrating the birth of your nephew. Assume you will need $20,000 in 18 years to pay for his first car. How much would you need to deposit today to have $20,000 in 18 years, if you invest the money at 6% per year?

Round your answer to the nearest whole dollar.

2. A gentleman bought a limited-edition Wolverine figurine in 1974 for $0.15. In 2012, 38 years later, he sold it for $34,900. What return did he earn per year over those 38 years?

Round your answer to the nearest hundredth of a percent.

3. Charlene is going to save her $5,000 year-end bonus, putting the money in a CD offering an APR of 4.50% with quarterly compounding and 4 years to maturity. How much money will she have when the CD matures?

Round your answer to the nearest whole dollar.

Reference no: EM131998343

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