Problem
1. In 1803, Napoleon sold the Louisiana Territory to the United States for $0.04 per acre. In 2014, the average value of an acre at this location is $10,000. What annual compounded percentage increase in value of an acre of land has been experienced?
2. Sixty monthly deposits are made into an account paying 6% nominal interest compounded monthly. If the objective of these deposits is to accumulate $100,000 by the end of the fifth year, what is the amount of each deposit?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.