A four-year promissory note for $3800 plus interest at 1.5% compounded semiannually was sold 18 months before maturity for $4000. What quarterly compounded nominal rate of return will the buyer realize on her investment?

Answer (needs work shown): 0.57% compunded qtly

Rounded to the nearest month, how long will it take a towns population to grow from 32,500 to 40,000 if the annual growth rate is 3%?

Answer (need work shown): 7 years