Future value: Ted Rogers is investing $7,500 in a bank CD that
pays a 6 percent annual interest. How much will the CD be worth at the end of five years?
Growth rates: Joe Mauer, a catcher for the Minnesota Twins, is expected to hit 15 home runs in 2018. If his home-run-hitting ability is expected to grow by 12 percent every year for the following five years, how many home runs is he expected to hit in 2023?
Present value: Elizabeth Sweeney wants to accumulate $12,000 by the end of 12 years. If the annual interest rate is 7 percent and interest compounds semiannually, how much will she have to invest today to achieve her goal?