It is essential to write legibly and show your work. If your work is absent or illegible, and at the same time your answer is not perfectly correct, then no partial credit can be awarded. Completely correct answers which are given without justification may receive little or no credit. Simple and Compound Interest How long will it take for an investment to triple at a 3% per year of simple interest rate? What sum of money now is equivalent to $8250 two years later, if interest is 4% per quarter? In 1990 Mrs. John Hay Whitney sold her pointing by Renoir. Au Moulin de la Galette, depiction gan open-air Parisian dance hall, for $71 million. The buyer also had to pay the auction house commission of 10%, or a total or $78.1 million. The Whitney family had purchased the pointing in 1929 for $165,000. What rate of return did Mrs. Whitney receive on the in the investment per year? Was the rate of return really as high as you computed in (a)? Explain (assume consumer price index was 17 in 1929 and 126 in 1990) Traffic at a certain intersection is 2000 cars per day. A consultant has told the city that traffic is expected to grow at a rate of 5% per year. How much traffic will be expected at the end of 5 years