1. You have just received $195,000 from the estate of a long-lost rich uncle. If you invest all your inheritance in a tax-free bond fund earning 6.4% compounded quarterly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)
2. You have just won $170,000 from a lottery. If you invest all this amount in a tax-free money market fund earning 7% compounded weekly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)