A famous painting was sold in 1947 for \( \$ 21,700 \). In 1980 the painting was sold for \( \$ 31.1 \) million. What rate of interest compounded continuously did this investment earn? As an investment, the painting earned an interest rate of \( \square \% \). (Round to one decimal place as needed.)

Find the final hourly wage if a \( \$ 9.00 \) starting wage is increased by \( 4.5 \% \) each year for 8 years.

Suppose you want to have \( \$ 700,000 \) for retirement in 25 years. Your account earns \( 4 \% \) interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn?

"In addition, she said banks operating in Africa need to have a more end-to-end approach to risk management, considering bankability at all stages." As a follow up to Question 1 above and in addition to the solutions recommended in the article, recommend how Southern African financial institutions can improve their risk management strategy.

You deposit \( \$ 1000 \) each year into an account earning \( 7 \% \) interest compounded annually. How much will you have in the account in 35 years?

Phil is shopping for an annuity that guarantees he CANNOT outlive the benefits. Which of these benefit options would he choose?Accelerated lifetime benefitGuaranteed lifetime withdrawal benefitRight of income riderGuaranteed minimum accumulation benefit