1. Dr. Oats, a nutrition professor, invests $75,000 in a piece of land that is expected to increase in value by 12 percent per year for the next five years. She will then take the proceeds and provide herself with a 10-year annuity. Assuming a 12 percent interest rate for the annuity, how much will this annuity be?
2. Approximately how many years are needed to double a $100 investment when interest rates are 6.00 percent per year? (Round your answer to 2 decimal places.)