1. One thousand dollars is deposited into a savings account at 2.7% interest compounded annually. How many years are required for the balance to reach $1946.53? After how many years will the balance exceed $2500?
2. Ten thousand dollars is deposited into a savings account at 1.8% interest compounded monthly. How many months are required for the balance to reach $10,665.74? After how many months will the balance exceed $11,000?
3. Tom invests $500,000 at 1.9% interest compounded annually. When will Tom be a millionaire?
4. How many years are required for $100 to double if deposited at 2.2% interest compounded quarterly?