PROBLEM #1

Assume that in January 2010, the average house price in a particular area was $292,400. In January 2000, the average price was $209,300.

What was the annual increase in selling price? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

PROBLEM #2

Suppose you are committed to owning a $206,000 Ferrari. If you believe your mutual fund can achieve a 11 percent annual rate of return and you want to buy the car in 8 years on the day you turn 30, how much must you invest today? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

PROBLEM #3

Your coin collection contains 41 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2051, assuming they appreciate at a 6.0 percent annual rate? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

PROBLEM #4

At 6.20 percent interest, how long does it take to double your money? (Round your answer to 2 decimal places. (e.g., 32.16))

At 6.20 percent interest, how long does it take to quadruple it? (Round your answer to 2 decimal places. (e.g., 32.16))