Use a spreadsheet or financial program on a calculator or computer.

Track the future values of two investments of $5000, one at6.5% compounded quarterly and another at6.5% compounded monthly for each interest payment period for10 years.(a) How long does it take each investment to be worth more than $7500? (Round your answers to one decimal place.)

6.5% compounded quarterly= ? yr

6.5% compounded monthly= ?yr

(b) What are the values of each investment after 3 years? (Round your answers to the nearest cent.)

6.5% compounded quarterly$6.5% compounded monthly$

What are the values of each investment after 7 years? (Round your answers to the nearest cent.)

6.5% compounded quarterly$6.5% compounded monthly$

What are the values of each investment after 10 years? (Round your answers to the nearest cent.)

6.5% compounded quarterly$6.5% compounded monthly$