Suppose that $13,475 is invested into a savings account where interest is compounded semi-annually.

1. Determine how long it will take to double the investment if the exact method for accumulation is in effect and the fund earns j2=4.5%j2=4.5%.

2. Assuming an interest rate of j2=4.5%j2=4.5%, determine how long it will take to double the investment using the practical method for accumulation. (Be sure to use linear interpolation.)

3. Suppose we do not know the interest rate involved in this investment. If the investment doubles in size after 4 years, at what nominal rate compounded semi-annually, j2j2, was interest earned on the savings account? Express the answer as a percent to 2 decimal places