What rate of interest is being earned on this account

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Reference no: EM13732292

1. Fourteen years ago, your parents set aside $37,500 to help fund your college education. Today, that fund is valued at $71,332. What rate of interest is being earned on this account?

2. Some time ago, Vanessa purchased eleven acres of land costing $58,500. Today, that land is valued at $253,167. How long has she owned this land if the price of the land has been increasing at 9% per year?

3. On your ninth birthday, you received $500 which you invested at 4% interest, compounded annually. Your investment is now worth $1,185. How old are you today?

Reference no: EM13732292

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