Activity: Sections 3B, 3C, 3E This activity is intended to have more opportunity to practice the application problems from unit 3. *Show your work in order to receive full credit. * 1. You invest $8,880 at an interest rate of 4.5%, which is compounded monthly. How much is in the account after 6 years? 2. Find the future value of an account in which $6234 is invested at 3.5% for a period of 8 years. 3. You borrow $5,000 at an annual interest rate of 4% for five years and 4 months. How much interest will you pay? 4. $20,100 is invested in an account at an interest rate of 2.5% compounded quarterly. How much interest will there be in 10 years?5. How much needs to be deposited into an account with a simple interest rate of 7.5% if you need to have $5,000 in 6 years. 6. You want to make $2,600 interest in 3 years and 6 months by investing $8,000 into an account paying simple interest. What is the interest rate necessary for this to happen? 7. How much time will it take an investment of $18,125 to grow to $22,000 invested at an annual compound interest rate of 5.5%? Round to one decimal place. 8. 4 years from now an account will have $10,200. This will be achieved at a simple interest rate of 4.25%. What is the present value