1. Cleen Ceramics Corp today reported annual earnings per share of $3.50. If their earnings grow at a rate of 9% per year, how long will it take for their earnings to triple? Note: it is acceptable to have fractional years in your answer
2. Assume the total cost of a college education will be $295,000 when your child enters college in 18 years. You have $53,000 to invest today. What annually comounded rate of interest must you earn on your investment if you want to pay the full cost of the education the day your child enters college? Round your answer to four decimal places.