1. Your grandmother invested $3,000 in an account in your name several years ago. The account has paid an average annual rate of 4.5 percent. Today, the account is worth $8,265. How long ago did your grandmother invest this money for your benefit?
2. You are planning a trip around the world that is scheduled to begin 6 years from now. The estimated cost is 45,000. How much do you have to deposit today in one lump sum to fully fund this trip if you can earn 7.5 percent per year on your investment?
3. Is it possible for marketers to reconcile the desires of consumers looking for the "next big thing" with those of consumers who like their product or service the way it is? Explain.