Solve the two questions below. You may right of the question by hand and submit a picture, or submit the answers on MS WORD. Do not just put a final answer, you must show your work to get a good Mark!

Rule of 72:

a) Doug invested $2,500 into a Certificate of Deposit earning 6.5% interest. How long will it take to double Dougs investment?

b) Jacob has $5,000 that he has saved from doing odd jobs around the neighborhood. When he graduates from college in four years, he would like to have $10,000 to use as a down payment on a new car. If Jacob is going to realize his dream, what interest rate will he have to invest his money at?

Time calculation:

c) Rounded to the nearest month, how long will it take for $25,000 to grow to $35,000 at 9% compounded quarterly?