peter just got his driver's license and he wants to buy a new sports car for $70,000. he has $3,000 to invest as a lump sum today. peter is a conservative investor and he only invests in safe products. after approaching different banks, he is offered the following investment opportunity: 1.river bank's savings account with an interest rate of 10.8% compounded monthly. 2.first state bank's savings account with an interest rate of 11.5% compoundedannually.3. union bank's savings account with an interest rate of 9.3% compounded weekly. how long will it take for peter to accumulate enough money to buy the car in each of the above three cases?