5 - Combined Formulas It is one thing to apply a formula to a situation, but it is another to know which formula to apply in the first place. Everything required to complete these questions is contained within questions 1 thru 4, but you must determine which to apply and how. When solving each question below, indicate which formula you are using. a. You invest $100 in two accounts that each pay an interest rate of 10% per year. However, one account pays simple interest and one account pays compound interest. Complete the table that compares the growth of each account over a 5 year period. (Create a table similar to the handout comparing interest paid.) b. Suppose that you invest $1800 in an account that earns simple interest at an APR of 6.3%. Determine the accumulated balance after 5 years. c. Suppose that you invest $168 in an account that earns interest at an APR of 53%, compounded quarterly. Determine the accumulated balance after 18 years. d. Suppose that you invest $1384 in an account that earns interest at an APR of 6.7%, compounded continuously. Determine the accumulated balance after 5 years. e. Bill invests $7100 in a savings account that compounds interest monthly at an APR of 4.7%. Ted invests $7300 in a savings account that compounds interest annually at an APR of 4.5%. Who will have the higher accumulated balance after 5 years and after 20 years? f. Suppose that you want to have a $1,000,000 retirement fund after 30 years. How much will you need to deposit now if you can obtain an APR of 1.4%, compounded monthly? Assume that no additional deposits are to be made to the account