1. The James Co. plans on saving money to buy some new equipment. The company is opening an account today with a deposit for $15,000 and expects to earn 4% interest. After 3 years, the firm wants to add an additional $50,000 to the account. If the account continues to earn 4%, how much money will the James Co. have in their account five years from now?
2. Six years ago, Marti invested $3,500 in an account. No other investments or withdrawals have been made. Today the account is worth $7,403.16. What rate of return has Marti earned thus far?