A. Kirk Van Houten, who has been married for 24 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $12,000 in 6 years. Kirk currently has $4,531 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

B. Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $300,000 Rolls-Royce Phantom. Jack currently has $59,380 that he may invest. He has found a mutual fund with an expected annual return of 4 percent in which he will place the money. How long will it take Jack to win Jill's hand in marriage? Ignore taxes and inflation.