1. Sam refuses to retire until his retirement account has a balance of at least $ 320,527 . Sam refuses to make any more deposits in the account. The account currently has a balance of $ 111,602 and earns 6% per year, compounded semi-annually. How long does Sam have before he will retire?
2. The energy efficiency project described in problem 10-23 has a first cost of $150,000, a life of 10 years, and no salvage value. Assume that the interest rate is 8%. What is the equivalent uniform annual worth for the expected annual savings?