please show work and provide step-by step. 1. James invested $700 at a 4.5% interest rate compounded annually. How long will it take for the investment to have a future value of approximately $1400? 2. Sarah wants to purchase a new car that costs $31 000 (all fees and taxes included). She wants to pay the car off in 5 years. The dealership gives her two options. She can either: Option 1: get $5200 off the total price of the car, with a bank loan for the remainder at an interest rate of 7.9% per year, compounded monthly; or Option 2: get no money off the price of the car with a loan from the car company at an interest rate of 1.9% per year compounded monthly. Determine: a) the monthly payment for each option. b) the difference in the monthly payment between the two options.