1. Your goal is to have $87889. If you can earn 12.41% per year and you invest $10206 today, how many years until you reach your goal?

2. In 1998, the average price of a gallon of gas was $1.06. Today, the average price of a gallon of gas is $2.73. At what annual rate has a gallon of gas increased over the last 20 years?

3.Suppose that 2 years ago you bought an old record player at a yard sale for $7. You saw today on E-bay that the same record player is selling for $43. If you were to sell the record play at that price today, what would be the implied return percentage?

Answer rating: 100% (QA)

SOLUTION 1 We can use the formula for future value to solve for the number of years FV PV x 1 rn Whe... View the full answer