2. Compound Interest: a. A tithe of $35,000 is made to a local church. The money is to be invested and the
accumulated amount used to purchase a new youth group bus. How long will it take for the tithe to double in value if the money is invested at 7.75% APR compounded
monthly? Hint: Use TVM Solver
b. What is the annual interest rate (APR) required for $22,500 to accumulate to $50,000 in 14 years with interest compounded semi-annually?
c. What is the present value or Principal, that will return $40,000 in a Guaranteed
Investment Certificate (GIC) in 9 years at 4 ¼ % APR compounded quarterly?
Hint: you can use Compound Interest Formula or TVM Solver