How long would it take you to double your money in an investment if it earns 3.75% compounded semi-annually? For full marks, your answer should be rounded to the nearest whole month. Time = 0 years 0 months Question 6 [5 points] Early last year, the Bruce Growth Fund ran advertisements in the financial pages of major newspapers. The "ad" had primarily empty space containing the simple message: $15,000 INVESTED IN BRUCEINVESTMENT GROWTH FUND ON DECEMBER 31, 1974 WOULD BE WORTH $3.40 MILLION ON DECEMBER 31, 2021 What annual rate of return did the fund realize over the period ending December 31 last year if interest was compounded quarterly? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. For example 34.56% Annual rate = 0.00 % Question 7 [5 points] Herb's Financial is a local bank. This local bank usually quotes residential mortgage interest rates on the basis of monthly compounding. An independent mortgage broker is quoting rates with quarterly compounding. What rate would the broker have to give to match 5% compounded monthly available from the bank? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. For example 34.56% Equivalent interest rate = 0.00 % Question 8 [5 points] Sweet Machinery sold some equipment for $8,000 and established a promissory note requiring 6% compounded monthly, and due in 3%% years. After 2 years, the note was sold to a finance company at a discount rate of 8% compounded quarterly. What are the proceeds of the sale? For full marks your answer(s) should be rounded to the nearest cent. Proceeds = $ 0.00