1. What is the amount of the percentage increase in purchasing power a lender earned if the lender charged a nominal interest rate of 10% on a loan and the rate of inflation was 4% over the life of the loan? 2. How much will a $2,000 deposit today that earns 3% annual compound interest grow to in 8 years? 3. How much must be deposited at 4% annual interest, compounded quarterly, to have $6,000 in 5 years? Answer all 3 Parts