3.1. You invest R 16 000.00 at an interest rate of 10% per annum. After how many years will your investment grow to a value of R 24 000.00 if the interest earned is: 3.1.1. simple? 3.1.2. compounded? 3.2. You consider buying a business for R 600 000. The business is expected to run for 3 years and the following net returns are expected. YEAR 1: R 140 000 YEAR 2: R 220 000 YEAR 3: R 280 000 Should you buy the business? A project of this type is expected to return at least 10% per annum.