Let's assume that the Nasdaq Composite Index is going to grow 15% per year for the next 7 years. Given that its value is 12,793.50 now, what value would you expect in 7 more years?

The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. On January 05, 2021, its value was 12,793.50 compared to January 05, 2017, when its value was 4,962.00. What was this index' annually compounded rate of growth over this period?

Many of you are probably thinking of buying a new car soon after you graduate. According to Vancouver BMW site, you can drive a new BMW X3 starting from $52,550. Assuming you have to borrow the entire amount and pay it off monthly over 9 years at an interest rate of 5% per year, compounded monthly, what is your monthly payment going to be?