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17. Your grandfather placed $2,000 in trust fund for you. In 10 years the fund will be worth $5,000. What is the compound annual rate of return on the trust fund? 18. Your rich aunt puts $35,000 into a bank account earning 4.00%. You are not to withdraw the money until the balance has doubled. About how many years will you have to wait? 19. Sales of current year are 75,000 and sales of a company after four years is $375,000. What is the rate of growth? 20. Consider an APR of 12% with monthly compounding. What is the EAR ( effective annual rate)? 21. Consider an APR of 13.5% with quarterly compounding. What is the EAR ( effective annual rate)? 22. Consider an EAR of 13.75% with quarterly compounding. What is the APR ( annual percentage rate)? 23. Consider an EAR of 18.25% with monthly compounding. What is the APR annual percentage rate)? 24. Suppose you save $4,000 per year at the end of each year for 3 years and earn 5% interest per year. How much will you have at the end of 3 years? 25. Suppose you save $4,000 per year at the end of each year for 10 years and earn 8.5% interest per year. How much will you have at the end of 10 years? 26. Suppose you save $4,000 per year at the beginning of each year for 3 years and earn 5% interest per year. How much will you have at the end of 3 years? Compare this answer with question no. 24 and give comments. 27. Suppose you save $4,000 per year at the beginning of each year for 10 years and earn 8.5% interest per year. How much will you have at the end of 10 years

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