1. Imagine that 50 years ago, your aunt made an investment of $10 into an account that earned 12% each year. What is the effect of compounding? (Round to 2 decimal places, do not include dollar signs in your response.)

2. When first introduced in 1985, Nike Air Jordans sold for $65. Today (July 2, 2018) on stockx.com, a pair sold for $3023. What is the annual rate of growth of the price of the Air Jordans? (Note assume t=33 years.) Include only numbers in your answer. Convert to percent. Round to 2 decimal places.