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Question 5 (10 points) Your older sister deposited $5,000 today at 8.5 percent interest for 5 years. You would like to have just as much
Question 5 (10 points) Your older sister deposited $5,000 today at 8.5 percent interest for 5 years. You would like to have just as much money at the end of the next 5 years as your sister will have. However, you can only earn 7 percent interest. How much more money must you deposit today than your sister did if you are to have the same amount at the end of the 5 years? $321.19 $413.39 $387.78 $401.21 $360.43 Question 8 (10 points) Some time ago, Julie purchased eleven acres of land costing $14,990. Today, that land is valued at $43,850. How long has she owned this land if the price of the land has been increasing at 5 percent per year? 21.67 years 22.13 years 21.51 years 21.72 years 22.00 years
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