1.Franklin Templeton has just invested $9,460 for his son (age one). This money will be used for his sons education 20 years from now. He calculates that he will need $44,000 by the time the boy goes to school.

What interest rate does Mr. Templeton need to earn in order to achieve this goal? (Round your final answer to 2 decimal places. For example, enter .1245 as 12.45)

2.You need to have $25,156 available at the end of 7 years. How much to do you have invest each year, starting at the end of this year, for 7 years to achieve this goal? (Enter your answer as a positive number rounded to 2 decimal places.)