I. Solve the following problems. Show your solutions. 1. (10 pts.) A civil engineer deposits P 50,000.00 in a savings account that earns 6.5% simple interest per year. How many years will it take to double your balance? If instead, he/she deposits the same amount in another savings account that earns 5.5% interest compounded yearly, how many years will it take to double your balance? 2. (10 pts.) You have borrowed P 38,000.00 at an interest rate of 12% compounded annually. Equal payments will be made over a four-year period, with each payment made at the end of the corresponding year. What is the amount of the annual payment? What is the interest payment for the second year? 3. (15 pts.) What will be the amount accumulated by each of the given present investments? a. P 6,000.00 in 12 years at 8% compounded semi-annually. b. P 14,500 in 18 years at 6% compounded quarterly. c. P 12,500.00 in 7 years at 8% compounded monthly