James received a raise after his first year on the job to $43,800 from his initial salary of $42,000. Inflation averaged 2.8% for that first year. In real terms (i.e., adjusted for inflation), what was his real raise stated as a percentage? If Sidney's freshman year cost for tuition, fees and books totaled $12,000, what will they total during her senior year (i.e., three years from now), assuming such costs continue to rise 4% annually? Megan's Aunt Samantha said she would give Megan $1,000 at the end of each year for the next three years to help her with college expenses. Assuming an annual interest rate of 2%, what is the present value of that stream of payments? Based on the rule of 72 (your text page 21), how many years will it take for a $1,000 investment to grow to $2,000, assuming the investment grows at 6% per year