Penn Station is saving money to build a new loading platform. Two years ago, they set aside $24,000 for this purpose

Penn Station is saving money to build a new loading platform. Two years ago, they set aside $24,000 for this purpose. Today, that account is worth $28,399. What rate of interest is Penn Station earning on this investment?    A.  6.39 percent B.  7.47 percent C.  8.78 percent D.  9.23 percent E.  9.67 percent $28,399 = $24,000 × (1 + r)2; r = 8.78 percent

47.

Ten years ago, Jackson Supply set aside $130,000 in case of a financial emergency. Today, that account has increased in value to $330,592. What rate of interest is the firm earning on this money?    A.  8.80 percent B.  9.78 percent C.  10.75 percent D.  11.28 percent E.  11.53 percent $330,592 = $130,000 × (1 + r)10; r = 9.78 percent

48.

Fourteen years ago, your parents set aside $7,500 to help fund your college education. Today, that fund is valued at $26,180. What rate of interest is being earned on this account?    A.  7.99 percent B.  8.36 percent C.  8.51 percent D.  9.34 percent E.  10.06 percent $26,180 = $7,500 × (1 + r)14; r = 9.34 percent

49.

Some time ago, Julie purchased eleven acres of land costing $36,900. Today, that land is valued at $214,800. How long has she owned this land if the price of the land has been increasing at 6 percent per year?    A.  28.33 years B.  29.98 years C.  30.23 years D.  31.29 years E.  32.08 years $214,800 = $36,900 × (1 + .06)t; t = 30.23 years