1) Joanne Quick made an investment of $23,137.65. From this investment, she will receive $3,400 annually for the next 11 years starting one year from now.

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(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

What rate of interest will Joanne's investment be earning for her? (Hint: Use Present value of an annuity factor table.) (Round answer to 0 decimal places, e.g. 25%.)

Rate of interest %

2) Kevin Morales invests $14,895.65 now for a series of $2,400 annual returns beginning one year from now. Kevin will earn a return of 11% on the initial investment.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

How many annual payments of $2,400 will Kevin receive? (Hint: Use Present value of an annuity factor table.) (Round answer to 0 decimal places, e.g. 25.)

Number of annual payments