Answer each of the follow questions. State the formula used and the values of each of the unknowns. Include a therefore statement for full marks 1. $450 is invested at 3.5% simple interest for 48 months. How much interest is earned? [5 marks] Formula: Show work Variables: Therefore: 2. $2000 is invested at 7% interest compounded quarterly for 5 years. How much is the investment worth at the end of the 5 years? [5 marks] Formula: Show work: Variables: Therefore: 3. What rate of simple interest is needed for $4000 to earn $500 in interest in 40 weeks? [5 marks] Formula: Show work: Variables: Therefore: 4. Sam needs to have $5500 for his first year of college. How much does he need to invest now, at 4.5% annual interest, compounded monthly, if he is going to college in 3 years? 15 marks] Formula: Show work Variables: Therefore: ||