(i) Suppose that you want to purchase a used car for $7000. You currently have $5000. If you invest your $5000 at an annual interest rate of 5%, compounded quarterly, how long will it take (in years) before you can purchase the car?

(ii) Suppose that you invest $3000 at an annual interest rate of 5%, compounded continuously. How long will it take (in years) for your money to

(a) double? (b) triple?

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Round all answers to 2 decimals