1)What is the present value of a security that will pay $47,000 in 20 years if securities of equal risk pay 8% annually? Do not round intermediate calculations. Round your answer to the nearest cent.

2)Your parents will retire in 28 years. They currently have $210,000 saved, and they think they will need $1,300,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.