Matt is saving for a new car. He invests $5000 into an account that pays 3% interest a year and is compound monthly. How much will he have after 5 years? leen is saving for a new car. He invests $5000 into an account that pays 3% interest a year and is compoundannually. How long will it take his investment to double? Investments Shaun Murie borrowed $5200 from his friend lan Desrosiers to pay for remodeling work on his house. He repaid the loan 10 months later with simple interest at 3%. Ian then invested the proceeds (original principal plus interest) in a 5-year certificate of deposit paying 3.3% compounded quar- terly. How much will he have at the end of 5 years? (Hint: You need to use both simple and compound interest.) $6281.91