1. You are not thrilled about spending your entire life working. So, you have decided that you will save $6 thousand a year, starting at the end of this year, and retire as soon as you can accumulate $1 million. If you can earn an average of 8.47 percent on your savings, how many years will pass before you get to retire? Enter answer in years, accurate to two decimal places.
2. Your friend just bought a new car for $32,027. You expect that the value of the car will decline by 5 percent every year. What will be the value of the car in 11 years?