1. Your car dealer is willing to lease you a new car for $309 a month for 72 months. Payments are due on the first day of each month starting with the day you sign the lease contract. If your cost of money is 3.9 percent, what is the current value of the lease?
$16,819.60
$17,128.60
$20,181.50
$18,346.05
$19,872.50
2. Some time ago, Julie purchased eleven acres of land costing $15,290. Today, that land is valued at $33,376. How long has she owned this land if the price of the land has been increasing at 5 percent per year?
15.51 years
15.67 years
16.00 years
15.72 years
16.13 years