1. John Foresight has just invested $10,500 for his daughter (age one). The money will be used for his daughter's education 17 years from now. He calculates that he will need $90,000 for his daughter's education by the time the girl goes to school. What rate of return will Mr. Foresight need to achieve this goal?

2.

Dr. Acosta has been secretly depositing $10,500 in her savings account every December starting in 1994. Her account earns 6 percent compounded annually. How much did she have in December 2006?

To answer this question you need to calculate for

What is the number of periods (N) in this question?

[Hint.: Draw a timeline and check the number of years.]