4. According to WSJ, friends and relatives of young Warren Buffet regularly heard him complaining that he did not want to spend $300,000 for his haircut. Back in the day, a haircut would cost Mr Buffet around $0.5. For how long do you need to compound the haircut price to justify Mr Buffets complaints? Give answers assuming that interest rate is 1%, 5%, and 10%. What if you use simple interest rate?