1). Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2016, a sculpture was sold at auction for a price of $10,316,500. Unfortunately for the previous owner, he had purchased it in 2012 at a price of $12,383,500. What was his annual rate of return on this sculpture?

• 4.67%

• -4.46%

• -3.79%

• -5.04%

• -4.02%

2). You are scheduled to receive $38,000 in two years. When you receive it, you will invest it for 10 more years at 7 percent per year. How much will you have in 12 years?

• $71,014.16

• $78,489.34

• $74,751.75

• $85,583.28

• $44,944.97

3). You expect to receive $16,000 at graduation in two years. You plan on investing it at 11 percent until you have $96,000. How long will you wait from now?

• 17.17 years

• 21.47 years

• 19.17 years

• 15.17 years

• 21.09 years