Given an effective annual interest rate of $18\%,$ how many years will it take a given amount

to triple in value? $($Round to the closest year.$)$

$2.$ If you invest $$500$ at the end of each month over the next $10$ years with a nominal annual

rate of return of $16\%,$ how much would you expect to get at the end of $10$ years?

Solution$5-2.$pptx

$3.$ If $$1,000$ is placed in an account that earns a nominal $10\%,$ compounded monthly, what

will it be worth in $6$ years?

Solution$5-3.$pptx

$4.$ Suppose the average tuition for one year at a school was $$4,000.$ Twenty years later, the

average cost was $$16,500.$ What was the growth rate $($like interest rate$)$ in tuition over the

$20-$year period?

Solution$5-4.$pptx

$5.$ The price for a new car is $$20,000$ and you will put a down payment of $$2,000.$ If you plan

to finance the car over a $48-$month period at a nominal interest rate of $6\mathrm{.}9\%,$ what would be

your monthly payment?

Solution$5-5.$pptx

$6.$ You want to save the same amount money at the end of each year so you can have $$30,000$

at the end of the $5$th year. If the interest rate is $10\%,$ what is the annual amount?