Please answer and Show ALL work 1-3 1. Suppose that you have credit card debt in the amount shown [$12,300 at 18% annual interest] with the given annual interest rate if the interest is compounded monthly, how long will it take to pay off the debt if you pay for all new purchases plus an extra a) $50/month b) $150/month c) $250/month 2. An individual retirement account IRA is a savings plan that can have some special tax benefits. Suppose that you invest the amount shown [$2,500 at 3.35% annual interest] on January 1st of each year and that the interest is compounded quarterly. a) how much will your investment be worth in 25 years? b) when will it be worth 50 times your annual contribution? 3. Suppose that you purchase a single premium deferred annuity in the amount shown [$15,000 at 2.35% annual interest]. If the interest is compounded quarterly, how much will your investment be worth in 25 years? When will it be twice its initial value?