1) You have $44,976.27 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $220,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.

2)

Effective rate of interest

Find the interest rates earned on each of the following. Round each answer to two decimal places.

1. You borrow $710 and promise to pay back $781 at the end of 1 year.

   %

2. You lend $710 and the borrower promises to pay you $781 at the end of 1 year.

   %

3. You borrow $86,000 and promise to pay back $370,698 at the end of 14 years.

   %

4. You borrow $20,000 and promise to make payments of $6,687.60 at the end of each year for 5 years.

   %