1. What is the present worth of a geometrically increasing series with a first year payment of $10,000 increasing at 5% per year for 25 years if the interest rate is 6% compounded annually?
2. The bank reports your balance is about 2000. You decide to write a short letter to the president of the bank. What will you say?
3. What will be the balance in an account after 25 annual deposits of $3750 at an interest rate of 3.5%?