Question: Part 1: Earnest T needs $960 for his next trip to Raleigh. He has $620 in cashHow long in years will it take the $620

Part 1:

Earnest T needs $960 for his next trip to Raleigh. He has $620 in cashHow long in years will it take the $620 cash to grow to $960 if Earnest T earns 12.4% per annum on his cash, compounded quarterly? (Enter your answers in years to 2 decimal places, e.g. 12.34 )

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Part 2:

The Heavens Gate Group have $32 million in cashIn order to reach the comet that will take them to a new world they need the $32 million to grow to $91 million. How many years will it take before the group can leave if they earn 9.7% per annum on their stash of cash? Assume annual compounding(Enter your answer in years to 2 decimal places, , 12.34 )

correct Answer:

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