Bo and Sherry Wayside met in college. After dating a year, they decided to begin saving money for their future. So, they deposited $5,000 into a savings account earning 4.75% compounding annually. When they completed college, they planned to purchase their dream home. That money was earmarked as a sinking fund for their future home purchase. For 5 years, they did not touch the money. They graduated from college, secured jobs, got married, and they are ready to purchase their first home.

Question 13: What is Bo and Sherrys average annual rate of increase on their home based on these statistics?

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Question 17: What amount will Bo and Sherry have when they turn 55?

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Question 18: What amount will Bo and Sherry have when they turn 65?

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