1. Suppose the pound is currently worth $1.2234. If 6 month U.S. investments are paying a 4% APR and 6 month British pound investments are paying a 5% APR what should the pound be worth in 6 months?
2. You decided that you want to be a millionaire. Your plan is to deposit $366 per month in an investment account that earns 12% per year. The funds in your account will be compounded on monthly basis until they reach $1,000,000. How long will it take you to achieve your goal. (rounded to the nearest year)?