15. How long must you leave $5,000 invested at 6% compounded semiannually for the investment to grow to $14,000?

16. Your grandfather has decided to reward you for your great grade in corporation finance. As a reward he has decided to give you $1,500 at the end of each year for the next five years as a way to help you purchase a house at that time. How much will your account earning 6% annually be worth at that time if you leave all the funds in the account for the full five-year period?