Reference no: EM132779343

Problem 1: Some time ago, Julie purchased eleven acres of land costing $14,990. Today, that land is valued at $50,761. How long has she owned this land if the price of the land has been increasing at 5 percent per year?

a. 24.72 years

b. 24.51 years

c. 25.00 years

d. 24.67 years

e. 25.13 years

Problem 2: St George bank offers an investment that pays 15.5% per year compounded quarterly. If you invest in this account how much are you effectively earning?

a. 3.85%

b. 15.73%

c. 16.42%

d. 16.2%

e. 15.55%