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As Discussed..All free response questions. All the work has to be shown! You should show the formula, the input, and the final answer. If you are using financial calculator or Excel, you should type your input. You will not receive the full credit for the problem if only the final answer is given.
1) In five years your oldest child will be in 8th grade, at which point you and your family plan to vacation in Spain. You estimate that you will need $20,000 for the trip. How much do you need to set aside today if you can place your money in an investment vehicle earning an average of 4.50% per year? 1) _______
2) Swan Construction had sales seven years ago of $2,150,000. This year their sales hit $4,600,000. What has been Simpson’s average annual rate of growth of sales? 2) _______
