Question
Hi, I need help with the following questions: 1. 20 years ago, the average home sale price in your hometown was $75,351. Today the average
Hi, I need help with the following questions:
1.
20 years ago, the average home sale price in your hometown was $75,351. Today the average price of a house is $244,329. What was the average annual rate of change in the price of houses over this time period? (You should calculate the compound growth rate in this problem).
Round the answer to two decimal places in percentage form. All the work has to be shown!
2.
Your mother has been working in a small bookstore for many years. Her sales in the first year were $28,302, and her sales in the last year were $66,425. If the sales grew at an average rate of 4.43 percent per year, how many years did your mother sell books in her bookstore?
Round the answer to two decimal places. All the work has to be shown!
3.
Camila plans to go for vacation to Australia in 11 years from now. She estimates that she will need 29,358 for the trip. How much does she need to place in a saving account today that earns 6.89 percent per year (compounded quarterly) to accumulate this amount?
Round the answer to two decimal places. All the work has to be shown!
4.
To what amount will the following investment accumulate?
$3,781, invested today for 33 years at 3 percent, compounded annually.
Round the answer to two decimal places.
All the work has to be shown!
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