If you are earning a salary of $40,000 in 2016 and expect to receive 4% raises per annum on January 1, what do you anticipate your salary will be in 2025?
What is the future value of $5,000 invested for 15 years at 7.5% compounded annually?
You hope to buy your dream car 5 years from now. Today, that car costs $88,000 but you expect the price to increase by an average of 5% per year over the next five years. How much will your dream car cost by the time you are ready to buy it?
Your grandmother invested a lump sum for you 20 years ago earning 6% interest per year over that time. Today, she gave you the proceeds of that investment which is now worth $48,107. How much did she originally invest?