1. Use the rule of 72 to answer each of the following questions. Show all work. (Question is worth 4 points} i. Approximately how long will it take for $1000 to increase to 52000 when invested at a 6% compounded annual interest rate. ii. Suppose US real GDP per capita is currently growing at a 1% annualized rate. lithe level of real GDP per capita is currently $55,000, in what year will real GDP per capita have doubled in siZe to $110,000? iii. Suppose you inherited $125,000. If you were able to invest this at a 9% annual rate, approximately how long would it take for this amount to increase in size to $1,000,000? iv. Now suppose you inherited $125,000, but the interest rate that it can be invested in is 3%. Approximately how long will it take for this amount to increase to $1,000,000? 2. in what country do most scholars believe the Industrial Revolution began? [Question is worth 1 point 3. Average labor productivity is essential to achieving long run improvements in real GDP per capita. How is it measured? [Question is worth 1 point) 4. in what type of nancial market are interest rates determined? {Question isworth 1 point) 5. What type of bond is issued by state and local governments? Is there any risk that state and local governments might default on these bonds? What special feature do these bonds have that make them particularly attractive to certain taxpayers? (Question is worth 3 points} 6. What do we calla high risk, high yield bond? (Question is worth 1 point}