FIN 571 TUTOR Let's Do This /fin571tutor.com FIN 571 TUTOR Let's Do This /fin571tutor.com | Page 43

Some time ago, Julie purchased eleven acres of land costing $15,590.
Today, that land is valued at $63,123. How long has she owned this land if
the price of the land has been increasing at 6 percent per year?
11.First City Bank pays 6 percent simple interest on its savings account
balances, whereas Second City Bank pays 6 percent interest compounded
annually.
If you made a $57,000 deposit in each bank, how much more money would
you earn from your Second City Bank account at the end of 10 years? (Do
not round intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.)
11. (Set 2)
First City Bank pays 6 percent simple interest on its savings account
balances, whereas Second City Bank pays 6 percen