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Lance Murdock

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Lance Murdock purchased a wooden statue of a Conquistador for $7,400 to put in his home office 6 years ago. Lance has recently​ married, and his home office is being converted into a sewing room. His new​ wife, who has far better taste than​ Lance, thinks the Conquistador is hideous and must go immediately. Lance decided to sell it on​ e-Bay and only received ​4,500 for​ it, and so he took a loss on the investment. What was his rate of​ return, that​ is, the value of i​?

What was Lance​ Murdock’s rate of​ return, that​ is, the value of i​? Enter a negative percentage for a loss.

​__% ​ (Round to two decimal​ places.)

 
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interest

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How many years will it take for​$490 to grow to ​$1,083.43 if​ it’s invested at 8 percent compounded​ annually?

The number of years itwill takefor​490 to grow to 1,083.43 at 8 percent compounded annually is

___ years. ​ (Round to one decimal​ place.)

 
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Sarah Wiggum

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Sarah Wiggum would like to make a single investment and have ​1.6 million at the time of her retirement in 26 years. She has found a mutual fund that will earn 5 percent annually. How much will Sarah have to invest​ today? If Sarah earned an annual return of 117 ​percent, how soon could she then​ retire?  

a.  If Sarah can earn 5percent annually for the next 26 ​years, the amount of money she will have to invest today is ​$

___. ​(Round to the nearest​ cent.)

 
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accounting

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If you deposit 3,600 today into an account earning an annual rate of return of 11 ​percent, what would your account be worth in 40 years​ (assuming no further​ deposits)? In 45 ​years?

a.  If you deposit ​$3,600 today into an account earning an annual rate of return of 11 ​percent, what would your account be worth in 40 ​years?

​$__ ​(Round to the nearest​ cent.)

 
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