1. How much money will you have in 8 years if you invest $4000 at 3.5% compounded quarterly? 2. How much money would you have after 7 years if you invested $12,000 at 2% in order to have compounded annually? 3. How much money will you have in 6 months if you invest $1000 at 3% compounded monthly? Challenge Question: Think of something expensive that you would like to purchase (over $5000). Input its price here: Now imagine that you have $3000 currently that you can deposit into a bank. If you were to leave that amount of money in a bank that offers 5% compounded annually, how many years would it take in order for you to afford the item?