Financial question:

1.a) The Chambers would like to accumulate $500,000 for a down payment on a new home. If they are able to save $1000 at the end each month and these funds earn 20% per year, how long will it take for the Browns to accumulate the needed $500,000?

b) Cassandra invests $9,000 today with the hope that in 8 years her investment will be worth $41,500. The investment will compound semiannually. At the end of 8 years, what will be Hannas annual rate of return?