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CleaB I U Merge B29 2 COMPOUND VALUE SOLVING FOR ANNUAL RATE At what annual rate would the following lump sums have to be invested to reach the future values shown? a. $500 to grow to $1,948.00 in 12 years b. S300 to grow to $422.10 in 7 years c.$50 to grow to $280.20 in 20 years d. S200 to grow to $497.60 in 5 y 6 SOLUTION 7 a. S500 8 Invest 9 Future value 0 Number of years 1 Annual rate to grow to S1,948.00 in 12 y S500.00 S1,948.00 12 3 b. 4 Invest 5 Future value 6 Number of years 7 Annual rate S300 to grow to $422.10 in 7 y S300.00 $422.10 9 c. $50 to grow to $280.20 in 20 years 0 Invest 1 Future value 2 Number of years 3 Annual rate S50.00 S280.20 20