You purchase a stock for $20 and expect its price to grow annually at a rate of 6 percent. Use Appendix A to answer the questions. Round your answers to the nearest cent.

1. What price are you expecting after six years? $

2. If the rate of increase in the price doubled from 6 percent to 12 percent, would that double the increase in the price? Doubling the growth rate -Select-more than doublesless than doublesdoublesItem 2 the price appreciation. The increase in the price at 6% is $ and at 12% is $ .