What was the average annual rate of increase

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Question 1: If you deposit \$15,000 today and earn 8% annual interest, how much will you have in 9 years?

Question 2: Tiffany will receive a graduation gift of \$10,000 from her parents in 3 years. If the discount rate is 7%, what is this gift worth today?

Question 3: What is the present value of a 20-year ordinary annuity of \$30,000 using a 6% discount rate?

Question 4: You deposit \$5,000 in an account that pays 8% interest per annum. How long will it take to double your money?

Question 5: The Johnsons have \$60,000 to use as a down-payment on a house, and they want to borrow \$240,000 from the bank. The current mortgage interest rate is 5%. If they make equal monthly payments for 30 years, how much will the monthly payment be?

Question 6: Tim paid \$250 per month into his 401K retirement plan. After 30 years, he had accumulated \$500,000. What average annual rate of interest had he earned over the 30 years?

Question 7: Charlotte's firm had sales of \$525,000 in the year 2001. By 2012, sales had increased to \$1,200,000. What was the average annual rate of increase?

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