1. Number of Periods Calculation: Calculate the number of years needed to earn $70,000 with a $50,000 initial investment earning an 7% annual interest rate. Please round to the fourth decimal place. No payments will be made during the 7 years.
2. An engaged couple agrees to get married once their savings equal $59,200.00. They have $31,392.00 at the moment and will invest the money in an account that earns 9.96% APR with monthly compounding. How many months will the engagement last?