You have inherited land that was purchased for $30,000 in 1960. The value of the land increased by approximately 8% per year. What is the approximate value of
the land in the year 1995?
Hint: Use the formula A=P(1+r)

The management of a supermarket wants to adopt a new promotional policy of giving a free gift to every customer who spends more than a certain amount per visit at this supermarket. the expectation of the management is that after this promotional policy is advertised, the expenditures for all customers at this supermarket will be normally distributed with a mean of $95 and a standard deviation of $20. if the management wants to give free gifts to at most 10% of the customers, what should the amount be above which a customer would receive a free gift?