1. Assume that in January 2013, the average house price in a particular area was $277,400. In January 2001, the average price was $194,300. What was the annual increase in selling price? 2.

2.Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, an auction house sold a sculpture at auction for a price of $10,221,500. Unfortunately for the previous owner, he had purchased it in 1998 at a price of $12,197,500. What was his annual rate of return on this sculpture? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) 3.

3. Solve for the unknown interest rate in each of the following (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.): Present Value Years Interest Rate Future Value $ 340 5 % $ 465 460 19 1,752 49,000 20 303,726 48,261 30 1,485,098