## [answered] 1). You currently have \$110.1 in your savings account at an

1). You currently have \$110.1 in your savings account at an annual rate of 8 percent. How many years will it take for this investment to grow to a value of \$493.8?

2). 23 years ago, the average home sale price in your hometown was \$86,446. Today the average price of a house is \$323,757. What was the average annual rate of change in the price of houses over this time period? (You should calculate the compound growth rate in this problem).

3) An investment will pay \$1,622 two years from now, \$3,445 four years from now, and \$2,884 from now. If the opportunity rate is 12.46 percent per year, what is the present value of this investment?

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