1.In September 2007, Democratic presidential candidate Hillary Rodham Clinton suggested that every child born in the United States should get a $5,000 "baby bond" from the government to help pay for future costs of college or buying a home. Assume this suggestion is accepted and that every baby born in America is given a $5,000 account at birth.

1)If the money is invested at an annual return of 10%, how much will the account have by the time that young person turns 18?

2)If the young person needs to get $40,000 from the account when he/she turns 18, at what interest rate should the money be invested?

3)If the money is invested at 8%, how long will it take to triple the investment?