1. What annual rate of return is earned on a $1,000 investment when it grows to $2,800 in six years?
2. What annual rate of return is earned on a $5,000 investment when it grows to $8,500 in four years? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
3. Ten years ago, Hailey invested $2,200 and locked in a 7 percent annual interest rate for 30 years (end 20 years from now). Aidan can make a 20-year investment today and lock in a 8 percent interest rate.
4. How much money should he invest now in order to have the same amount of money in 20 years as Hailey? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)