1. You plan to retire in 35 years and would like to have $1,000,000 in investments. How much money would you have to invest today at a 7% annual interest rate compounded daily to reach your goal in 35 years? (Assume all years have 365 days. Round your answer to the nearest cent.)

 

2. An agent is selling an investment that earns 4.855% compounded semiannually. What is the APY (in percent) of the investment? (Round your answer to the nearest hundredth of a percent.)