Question 16.

Question 19.

Question 23.

16. A township expects its population of 5,000 to grow annually at the rate of 5 percent. The township currently spends $300 per inhabitant but, as the result of inflation and wage increments, expects the per capita expenditure to grow annually by 7 percent. How much will the township's budget be after 10,15 , and 20 years? 19. A widower currently has $107,500 yielding 8 percent annually. Can he withdraw $18,234 a year for the next 10 years? If he cannot, what return must he earn in order to withdraw $18,234 annually? 23. Which is the better choice when purchasing a $30,000 car? a) a 4-year loan at 6 percent b) an immediate rebate of $2,000 and a 4 -year loan at 8 percent