232 Financial Tools PART 2 (1) River Bank's savings account with an interest rate of 10.8% compounded monthly. (2) First State Bank's savings account with an interest rate of 11.5% compounded annually. (3) Union Bank's saving account with an interest rate of 9.3% compounded weekly How long will it take for Peter to accumulate enough money to buy the car in each of the above three cases? Personal Finance Problem Time value Peter just got his driver's license, and he wants to buy a new sports car for $70,000. He has $3,000 to invest as a lump sum today. Peter is a conservative investor and he only invests in safe products. After approaching different banks, he P5-8 5