Answer to Part a.
Present Value = $480.00
Future Value = $1,238.60
Rate (r ) = ??
Time = 11 years
Future Value = Present Value * (1 + r)^ n
$1,238.60 = $480.00 * (1 + r)^ 11
2.5804 = (1 + r)^ 11
(2.5804)^ (1/11) = 1 + r
1.0900 = 1 + r
r = 0.0900
r = 9%
Answer to Part b.
Present Value = $300.00
Future Value = $450.22
Rate (r ) = ??
Time = 6 years
Future Value = Present Value * (1 + r)^ n
$450.22 = $300.00 * (1 + r)^ 6
1.5007 = (1 + r)^ 6
(1.5007)^ (1/6) = 1 + r
1.0700 = 1 + r
r = 0.0700
r = 7%
Answer to Part c.
Present Value = $52
Future Value = $516.55
Rate (r ) = ??
Time = 22 years
Future Value = Present Value * (1 + r)^ n
$516.55 = $52.00 * (1 + r)^ 22
9.9337 = (1 + r)^ 22
(9.9337)^ (1/22) = 1 + r
1.1100 = 1 + r
r = 0.1100
r = 11%
Answer to Part d.
Present Value = $220.00
Future Value = $280.78
Rate (r ) = ??
Time = 5 years
Future Value = Present Value * (1 + r)^ n
$280.78 = $220.00 * (1 + r)^ 5
1.2763 = (1 + r)^ 5
(1.2763)^ (1/5) = 1 + r
1.0500 = 1 + r
r = 0.0500
r = 5%
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