1. Ted is currently a freshman in college and wanted to put $10,000 in the bank, hoping one day to turn it into $20,000 for a down payment on a condo. He wants to buy the condo when he graduates from graduate school in 7 years (assuming 4 years undergrad and 3 years grad). If he deposits his money in an account earning simple interest, what interest rate must he earn to make his monetary goal?