7. To purchase a new boat, you agree to pay the owner each year at the beginning of the year for five years. The boat will cost you $25,000. If you agree to a loan rate of 10% for the right to buy the boat in payments rather than in one lump sum, how much are your annual payments?

8. If an investment increased in value from $30,000 to $80,000 in 5 years, what was the annual compounded rate of growth?