1. Your grandmother invested $1,700 for you on the day you were born. This investment has earned an average of 13.2 percent annually. How old are you if the investment is now worth $15,642?
a. 16.29 years
b. 17.90 years
c. 16.86 years
d. 16.07 years
2. You just inherited $8,600 which you are investing at 7 percent interest. How long will you have to wait until your account reaches a value of $15,000?
a. 9.06 years
b. 8.22 years
c. 7.68 years
d. 9.27 years