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a. How long will it take a $25,000 investment to grow to $30,000 if it earns 8% compounded quarterly (assume that a quarter year has 91 days)? b. For loans of one month, a payday loan business charges 1.5% of the amount borrowed as interest, plus a "processing fee" of $2.50 per $1000 borrowed. Is the business breaking the law by exceeding the legislated cap of an effective interest rate of 23% if processing fees are considered interest under the law