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Your Math Skills
Calculate the answers to the following problems.
21. If your assets total $12,365 and your liabilities total $6,924, what is your
net worth?
22. The total amount earned on an investment of $3,500 over a period of 10
years is $250. What is the average rate of return?
23. You deposit $1,750 at a rate of 2.5% compounded annually. What amount
will you have at the end of 6 years?
24. Your initial deposit is $1,500. The interest is compounded quarterly at 5.25%.
You add $250 each quarter for three years. What is the ending balance?
25. Using the Rule of 72, estimate how long it will take to double the above
investment at an annual interest rate of 4%.