please answer 2.3,2.6

unt that earns 7% interest compounded yearly, how many years will it take to double your balance? 2.3 Compare the interest earned on $10,000 for 20 years at 7% simple interest with the amount of interest eamed if interest were compounded annually. 2.4 You are considering investing $1,000 at an interest rate of hel The Concept of Equivalence 2.6 Suppose you have the alternative of receiving either $8,000 at the end of five years or P dollars today. Currently, you have no need for the money, so you could deposit the P dollars into a bank account that pays 8% interest compounded annu- ally. What value of P would make you indifferent in your choice between P dol- lars today and the promise of $8,000 at the end of five years