3. [Class 5] An account paying annual compound interest was opened with $1,000 ten years ago. Today, the account balance is $1,500. a. [4 pts) What annual interest rate did the account pay? b. (6 pts) How many years will it take to double the money you currently have? Assume you continue to earn the same interest rate you did over the last ten years. C. [3 pts) Your parents agree to pay half of the purchase price of a new car when you graduate from college. You will graduate and buy the car two years from now. You have $6,000 to invest today and can earn an annual of 10% interest on invested funds. If your parents match the amount of money you have in two years, what is the maximum you can spend on the new car