Question: Show the work with formulas. - How many years will it take for $100,000 to grow to $500,000 if it is invested at an annual

Show the work with formulas.

- How many years will it take for $100,000 to grow to $500,000 if it is invested at an annual interest rate of 9.15%? Round to the nearest 0.01.

- You are told that if you invest $5,000 per year for 35 years you will have accumulated $1,000,000. What is the annual rate of return on the latter investment? Round to the nearest 0.01%.

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