(a) Your car loan requires payments of $ 1,000 per quarter for the first year and payments of $1,500 every quarter during the second and third years.The investment account from which you pay for the loan cams an interest rate of 6% with quarterly compounding.The first payment begins in 3 month.

i) If you do not have to make the second year's payments(someone is paying for you) and thus you can leave the money in the investment account. How much will the account balance increase at the end of Year 3? ii) How much money do you need to have in your investment account today in order to payoff the car loan?