1. How many years (and months) will it take $2 million to grow to $3.40 million with an annual interest rate of 7 percent? (Do not round intermediate calculations. Round "months" to 1 decimal place.)

2. Ten years ago, Hailey invested $1,200 and locked in an annual interest rate of 9 percent for 30 years (ending 20 years from now). Aidan can make a 20-year investment today and lock in an interest rate of 10 percent. How much money should he invest now in order to have the same amount of money in 20 years as Hailey? (Do not round intermediate calculations. Round your answer to 2 decimal places.)