Question 31 18 pts (a) Using the rule of 72, assuming the value of land in an area is increasing 6 percent a year, how long will it take for property values to double? (3 marks) (b) You are planning to go to graduate school in a program of study that will take three years. You want to have $15,000 available each year for various school and living expenses. If you can earn 4% on your money, how much must be deposited at the start of your studies to be able to withdraw $15,000 a year for three years? (3 marks) (c) A few years ago, Michael purchased a home for $200,000. Today, the home is worth $300,000. His remaining mortgage balance is $100,000. Assuming Michael can borrow up to 80 percent of the market value of his home, what is the maximum amount he can borrow?(4 marks)