3)A friend plans to buy a big-screen TV/entertainment system and can afford to set aside $1,320 toward the purchase today. If your friend can earn 5.0%, compounded yearly, how much can your friend spend in four years on the purchase?

4)You just purchased a parcel of land for $10,000. If you expect a 7.25% annual rate of return on your investment, how much will you sell the land for in 10 years?