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Suppose that you want to purchase a used car for $11000. You currently have $8000. If you invest your $8000 at an annual interest rate of 2%, compounded monthly, how long will it take (in years) before you can purchase the car?

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1) How long would it take an investment to double under each of the following conditions? (a) Interest is 3.2% compounded monthly. (Round your answer to three decimal places.)(b) Interest is 5% compounded continuously. (Round your answer to three decimal places.)2) How much money would you have to invest today at 6% APR compounded monthly to accumulate the sum of $150,000 in 25 years? (Round your answer to two decimal places.)3) In March 2009, the Bill and Melinda Gates Foundation granted $76 million to AED to fund the Alive and Thrive Initiative. In 2009, Bill Gates, the cofounder and former CEO of Microsoft, had an estimated net worth of $56 billion. How long does it take $56 billion invested at an effective rate of 6.1% to earn $76 million? (Round your numerical answer to four decimal places.)

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