Kirk Van Houten, who has been married for 21years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $10,611 in 9 years. Kirk currently has $4,500 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

If you deposit $3,600 today into an account earning a(n) 12 percent annual rate of return, what will your account be worth in 25 years (assuming no further deposits)? In 30

years?