1. Interest-on-Interest Consider a $1,200 deposit earning 6 percent interest per year for 9 years. How much total interest is earned on the original deposit (excluding interest earned on interest)?
$64.80
$812.52
$648.00
$164.52
2. Solving for Rates What annual rate of return is earned on a $4,400 investment made in year 2 when it grows to $9,200 by the end of year 9?
44.60%
8.54%
47.83%
11.11%