Homework: Secti... Question 14, 3.2.75-BE Part 2 of 2 HW Score: 30%, 4.5 of 15 points Points: 0.5 of 1 Save You have saved $7,000 toward the purchase of a car costing $11,000. How long will the $7,000 have to be invested at 7% compounded monthly to grow to $11,000? Identify the formula required to solve this problem. O A. A=P(1 +rt), where A is the amount, P is the principal, r is the annual simple interest rate, and t is the time in years B. A=P(1 + i)", where i = and A is the amount at the end of n periods, P is the principal value, r is the annual nominal rate, m is number of compounding m periods per year, i is rate per compounding period, and n is total number of compounding periods OC. A=Per where A is the amount at the end of t years if P is the principal invested at an annual rater compounded continuously OD. I = Prt, where I is the interest, P is the principal, r is the annual simple interest rate, and t is the time in years It will take 2 months for the investment to grow to $11,000 (Round up to the nearest integer.) = Homework: Secti... Question 15, 3.2.77-BE HW Score: 30%, 4.5 of 15 points O Points: 0 of 1 Save An Individual Retirement Account (IRA) has $11,000 in it, and the owner decides not to add any more money to the account other than interest earned at 5% compounded daily. How much will be in the account 28 years from now when the owner reaches retirement age? C. There will be in the account. (Round to the nearest cent. Use a 365-day year.) How long will it take $2,000 to grow to $23,000 if it is invested at 5% compounded monthly? years (Round to the nearest tenth of a year.)