2. How many years will the following take?

a.$550 to grow to $1,043.90 if invested at 6% compounded annually____________

b.$40 to grow to $88.44 if invested at 12% compounded annually ______________

3. At what annual rate would the following have to be invested? Work backward to find the interest factor and then looking at the number of years for the problem in the correct interest factor table in the back of the text, look locate your interest factor and the corresponding interest rate is your answer.

a.$550 to grow to $1,898.60 in 13 years _______________

b.$275 to grow to $406.18 in 8 years _______________