a. How long will it take a $30,000 investment to grow to $34,000 if it earns 7% compounded quarterly (assume that a quarter year has 91 days)?

b. For loans of one month, a payday loan business charges 1.6% of the amount borrowed as interest, plus a processing fee of $2.25 per $1000 borrowed. Is the business breaking the law by exceeding the legislated cap of an effective interest rate of 24% if processing fees are considered interest under the law?