An accountant for a large corporation neglected to pay the company's income tax of $725,896 on time. The government charged a penalty of 9.8% simple interest for the 34 days the income tax payment was late? The simple interest formula is I : Prt , where P is the starting amount {or present value}, T is the annual interest rate (in decimal form), and "I: is the time (in years]. a) What is P in this problem? P : b] What is T in this problem? 9" : (In decimal format, not 5'6 format] c] What is t in this problem? t : (Remember t is in years, not days.) d] How much is the penalty? Round your answer to the nearest dollar (not penny.) Raymond and his partner just adopted a baby and want to save for their child's college education. They can invest in an account that will pay 4.8% compounded monthly. If they want the account to be worth $50,000 18 years from now, how much money do the need to deposit now? dollars [Round to the nearest whole number.) For reference, here are the interest formulas we have learned It's up to you to choose and use the one for this particular situation. simple interest: 3 = P + Fri, or equivalently, S = P(1 + rt) T mt periodic compound interest: S : P(1 + ) m continuously compounded interest: 3 = Pet Juan's grandfather was planning to give Juan $12,000 10 years from now. Juan convinced his grandfather to give him $6,000 now instead. If Juan invests this $6,000 at 7.5% compounded continuously, how much money will he have 10 years from now? 5 (Round the the nearest cent.) How much interest did Juan earn? 5 (Round the the nearest cent.) A recent coLLege graduate invested a $4000 signing bonus from a new job in an account that pays interest of 696 compounded daiLy. What will the account be worth in 5 years? 5 {Round the the nearest cent.) How much interest did the graduate earn? 5 {Round the the nearest cent} How much do parents need to deposit in an account earning 5%, compounded continuously, so that it will grow to $25,000 for their child's college fund in 18 years? 5 [Round the the nearest cent.) How much interest did the parents earn? 5 [Round the the nearest cent.]