1) Jack and Jill need to save $9000 toward a new car. How long will it take them if they save $270 a month earning an annual interest of 6.2% (compounded monthly)? (Treat as an ordinary annuity.) (State your answer in years rounded to the second decimal place, e.g., 12.34)

2) What is the rate of return being earned on a preferred stock that currently is selling for $43 and pays an annual dividend of $5.00 (a preferred stock is a type of perpetuity)? (Round to 100th of a percent and enter as a percentage, e.g. 12.34 and state as an annual rate)