(Solving for n with non-annual periods) Approximately how many years would a take for an imvestrnent to grow fourfold if it were invested at 15 percent compounded moninly? Assume that you invest $1 today. If you linvest $1 at 16 percent compounded monthly, about how many years would it take for your hivestment to grow fourfold to 54 ? (Hint. Remember to carnert your calculatar eokition to years.) vears (Round to one decimal place) (Present value comparison) Much to your surprise, you were selected to appear on the TV show The Price is Right" As a result of your prowess in idenieying how manc rosts of toiet paper a typical American family keeps on hand. you win the opportunity to choose one of the following $1,600 today, $12,000 in 11 years, or $28,000 in 24 yewis : Assuming that you can earn 16 percent on your money, which should you choose? If you are offered $12.000 in 11 years and you can earn 16 percent an your manay. what is the prosent value of $12.000? (found to the nearest cent)