Question textJack plans to buy a new Rolls-Royce Phantom, which will cost $340,000. Jack currently has $44,500 that he may invest. He has found a mutual fund with an expected annual return of 8% p.a. (a) If the mutual fund pays the return annually, how long will it take Jack to accumulate $340,000 to buy the car?The number of years it will take for Jack to accumulate $340,000 is Answer 1 Question 5[input] years (round to 2 decimal places). (b) If the mutual fund pays the return monthly, how long will it take Jack to accumulate $340,000? The number of months it will take for Jack to accumulate $340,000 isAnswer 2 Question 5[input] months (round to 5 decimal places), which isAnswer 3 Question 5[input] years (round to 2 decimal places)Multiple fill-in-the-blank