3. After two summers of working, Samuel has decided to invest his earnings for his future. Samuel's bank offers two CD options as
shown in the table.
CD Options
Standard CD
Preferred CD
$10,000 minimum
1% Interest,
compounded annually
$7,000 minimum
2% simple interest
earned annually
Samuel has $8000 to invest. How many years will Samuel need to
invest his money in the standard CD before he will have the
minimum amount of money to invest in the preferred CD?