Please use your own explanation

1. (a) A bank account pays 5.5% annual interest, compounded monthly. How long will it take the money to double in this account? (b) An investment offers to double your money in 5 years, what the APR are you being offered? 2. A bank offers a saving account with a 6% annual interest rate, compounded monthly. Mark wants to open a savings account and make one deposit now that will enable him to withdraw $700 to go on vacation 5 months from now and $2000 for a deposit on a rental apartment when he starts working in 3 years from now. How much money does Mark need to deposit now