1. Ryan Holmes is about to deposit $61,000 in a bank account that pays 6.7 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 place, e.g., 7.42)
2. Wes Ottey would like to buy a condo in Florida in six years. He is looking to invest $76,000 today in a mutual fund that is expected to earn a return of 12.7 percent annually. How much does he expect to have at the end of six years? (Do not include the $ sign, and round to the nearest cents.)