QUESTION 1 How much would you have had to invest now in an account paying 8% / year to to have $20,000 in 21 years? O $ 952 O $1,600 O $1,728 O $3,973 QUESTION 2 How long must one wait (to the nearest year) for an initial investment of $1,000 to triple in value if the investment earns 8% compounded annually? Hint: FV = 3 x 1000 = 4000 O 9.27 O 14.27 22.11 0 25.61 QUESTION 3 How much must be deposited today in an account earning 6% annually to accumulate a 20% down payment to use in purchasing a car one year from now, assuming that the car's current price is $20,000 and the price will rise by 4% next year due to inflation? Hint: The car's price will be 4% higher next year due to inflation, so car's price in one year will be = 20000 x 1.04. O $3,774 $3,782 O $3,925 $4,080