1. You wish to have $100,000 in 9 years. How much do you need to invest today (t = 0) if you can earn 2 percent for the first 7 years and 13 percent for the last 2 years? (Do not round intermediate calculations. Round your final answer two decimal places.)

2. Based on the following information from the forecasting team of the Krinson's, what is the standard deviation? (Do not round intermediate calculations. Round your final answer two decimal places.)

State of the Economy	Probability of State of the Economy	Rate of Return if State Occurs
Bear Market	0.24	-11.00%
Normal Market	0.27	12.50%
Bull Market	0.49	23.50%