Question 2 Nate has received a gift of $1500 from a generous aunt. However, this is not enough to pay cash for the scooter. To pay the cash price he needs a further $200 and he hopes to obtain this amount by investing the $1500 gift in two different ways; simple interest and compound interest. a Suppose Nate is able to invest his $1500 at a flat rate of 6% pa i Write down the simple interest formula and change the formula so that the time period T is the subject. ii Hence find the investment time required so that he earns interest to the value of at least $200. Give your answer as a whole number of months. b Suppose Nate is able to invest his $1500 at a rate of 10% pa, compounded quarterly. Interest is added to his account at the end of each quarter. He hopes to earn interest of $200. i The compound interest formula is A = PR". Determine the values of A, P and R for this situation. ii Under these different conditions, find the investment time required so that he earns interest to the value of at least $200. Give your answer as a whole number of quarter