Consider an investment of $1,000.(a) Calculate the time taken for this investment to treble in value to $3,000 at an interestrate of 2% per annum compounded annually. Round your answer down to the nearestyear. (2 marks)(b) Calculate the time taken for this investment to treble in value to $3,000 at an interestrate of 5% per annum compounded annually. Round your answer down to the nearestyear. (2 marks)(c) Calculate the time taken for this investment to treble in value to $3,000 at an interestrate of 10% per annum compounded annually. Round your answer down to thenearest year. (2 marks)(d) Using your answers to (a), (b) and (c), write down a simple mathematical formula fortrebling time T years in terms of the annual interest rate i % with annualcompounding. Do not use the logarithmic (log) function in your formula. Yourformula should be valid for low interest rates. Illustrate that your formula works fori=2, i=5 and i=10. (6 marks)(e) Some analysts predict that property prices in some parts of Australia trebleapproximately every 15 years. Using your answer to (d), what would be theapproximate annual rate of return for property investors in this situation? (2 marks)