(PLEASE SHOW ALL WORK AND VALUES)

(PLEASE SHOW ALL WORK AND VALUES)

9) Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 1995, Christie's auctioned the William de Kooning paintin,g Untitled. The highest bid of S2.2 million was rejected by the owner, who had purchased the painting at the height of the art market in 1989 for S3.52 million. Had the seller accepted the bid, what would his annual rate of return have been? 10) Two mutual fund managers, Martha and David, have been discussing whose fund is the top performer. Martha states that investors bought shares in her mutual fund ten years ago for S21 and those shares are now worth S65. David states that investors bought shares in his mutual fund for only S3 six years ago and they are now worth S7.30 which mutual fund manager had the higher growth rate for the management period? 11) You're trying to save to buy a new S120,000 Ferrari. You have S40,000 today that can be invested at your bank. The bank pays 5.5% annual interest on its accounts. How long will it be before you have enough to buy the car? 12) You expect to receive $10,000 at graduation in 2 years. You plan on investing it at 12% until you have $120,000. How long will you wait from now