1. If $6000 is invested at 7% annual simple interest, how long does it take to be worth $13500?

2. To pay for future equipment upgrades, a restaurant owner invests $8500 in 2012. If the investment pays 9% compounded continously, how much is available in 2021?

3. A company establishes a sinking fund of $950,000 for office renovations that will occur in 12years. They will make payments every 3 months.

The investment pays 8% compounded quarterly.Answer the questions below and write your final answer in a complete sentence using appropriate rounding and units.

a) What is the size of the deposits?

b) How much interest is earned in the 11th year?