1. What is the future value of $7,500 invested for 31 years at 8.75 percent compounded annually? Show your work.
2. On your ninth birthday, you received $500 which you invested at 6.5 percent interest, compounded annually. Your investment is now worth $1,369. How old are you today? Show your work.
3. Your father invested a lump sum 18 years ago at 6.25 percent interest. Today, he gave you the proceeds of that investment which totaled $65,460.36. How much did your father originally invest? Show your work.
5. Thirty years ago, your mother invested $4,000. Today, that investment is worth $109,099.26. What is the average annual rate of return she earned on this investment? Show your work.