3.Gordon Freeman wants to have $32,000 in 5 years in order to purchase a new car.

(a)How much should he deposit today in an account earning 6.4%, compounded quarterly, to have the required amount in 5 years?

(b)How much interest will be earned?

(c)If he can only deposit $16,000 now, how short of $32,000 will he be?

(d)Suppose he can deposit $16,000 now in account that compounds interest continuously. What interest rate would he need to accumulate the $32,000 in 5 years?