3. You have $ 29,653 today. How long would it take to grow to $ 84,744 if invested at 6.37%?

a

11.3 years

b

17.0 years

c

18.4 years

2.

d. 21.0 years

Bob will loan you money at 8% interest compounded quarterly payments. Bob says it is cheaper than the bank's loan at 7.9% interest with compounded monthly payments. Is Bob correct?

		Yes; Bob's effective rate of 8.38% is less than the bank's effective rate of 8.44%.
		Yes; Bob's 8% rate is lower than the bank's 7.9% rate.
		No; Bob's cost at 8% is less than the bank's cost at 7.9%.
		No; Bob's effective rate of 8.24% is greater than the bank's effective rate of 8.19%.