Nike corporation earnings per share in 2005 were $4, and its growth rate during the prior 5 years was 9% per year. If that growth rate were maintained, how long would it take for Nike's earnings per share to double? 

5. You have a chance to buy an annuity that pays $1,000 at the end of each year for 5 years. You could earn 6% on your money in other investments with equal risk. What is the most you should pay for the annuity?