1. 5 years from now, you plan to buy a house for $300,000. The down payment is 10% of the house value ($30,000).

If you can earn 4.25% interest, compounded annually, on your savings, how much do you need to deposit today to have $30,000 in 5 years

2.

Currently, you have $23,500 that you would like to grow to $91,500 within the next 6 years.

Assuming interest rate compounds annually, what annual rate of return do you have to earn?

(Round your answer to the nearest hundredth; two decimal places)