16) Stephen's grandmother deposited $100 in an investment account for him when he was born, 25 years ago. The account is now worth $1,500. What was the average rate of return on the account?

17)The present value of $400 to be received at the end of 10 years, if the discount rate is 5%, is __

18)The present value of $1,000 to be received at the end of five years, if the discount rate is 10%, is __

19)What is the present value of an investment that pays $400 at the end of three years ; and $700 at the end of 10 years if the discount rate is 5%?

20)Three years from now, Barbara Waters will purchase a laptop computer that will cost $2,250. Assume that Barbara can earn 6.25% (compounded annually) on her money. How much should she set aside today for the purchase?