1. You are going to deposit $850 in a bank CD today, and you will withdraw the money only once the balance is $1,000. If the bank pays 9 percent interest, how long will it take for the balance to reach $1,000? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to 1 decimal place, e.g. 5.4.)

Balance will reach $1,000 in

years