Finding the Number of Years and Interest Rate using Technology

Instructions: Answer the following questions by recording the calculators screen as well as stating your conclusion in one sentence.

1. A used car costs $3 500. If a person invests half of the money now, how long would it take until the person had the full amount? The investment offers 3.5% compounded monthly.

N=
I%=
PV=
PMT=	0
FV=
P/Y=	1
C/Y=
PMT:	END

Conclusion:

2. Currently, tuition is around $5 000 for a three year program. If tuition doubles in ten years, what is the rate of increase, compounded yearly?

N=
I%=
PV=
PMT=	0
FV=
P/Y=	1
C/Y=
PMT:	END