1. How many years would it take for $500 to grow to $700 if you earned an interest rate of 2%?

2. A financial asset pays one dollar in a year with the payment growing by 5% in each subsequent year. For example, in Year 2, you will receive $1.05, in Year 3, you will receive $ 1.1025, etc. Your interest rate is 7%. What is the present value of this financial asset?

3. You deposit $3,500 today into an account guaranteed to pay 5.7% APR, compounded monthly. If you make no other deposits or withdrawals for the next five years, how much will you have in the account five years from today?