1. First City Bank pays 7% interest on its savings accounts, compounded quarterly. If you deposit $6,000 in the bank, how much will you have in 5 years? Recalculate if the bank compounds monthly.

2. At a 6% interest rate, how long would it take for your money to quadruple?

3. Bigfoot Shoe Co. is considering buying some vacant land that is selling for $280,000. They think they will be able to sell the land for $400,000 in 5 years. If they can earn 10% on their money, what is the most Bigfoot should pay for this land today?