1. Lisa Smith wants to buy a house in five years. She hopes to be able to make a down payment of $23,000 at that time. If the bank CD she wants to invest in will pay 5.2 percent annually, how much will she have to invest today? (Do not include the $ sign, and round to the nearest cents, e.g., 62344.15.)
2. Ryan Holmes wants to deposit $50,000 in a bank account that pays 6.6 percent annually. How many years will it take for his investment to grow to $100,000? (Type the number only, and round to two decimal places, e.g., 7.42)