Assume the initial value of an investment is $1,000 and the growth rate is 7%. Using the Rule of 70, how many years will it take for the initial value to double? 10 1,000 12 20Suppose a new island is discovered in the Atlantic Ocean and a new colony is created on that island with the production function output = f(A, L, K, H, N) = A ((L + K + H + N). If A equals 3, L and K each equals 7, and H and N each equals 14, then how much output per worker would this new colony produce? 42 126 54 18