An initial investment amount P, an annual interest rate r, and a time t are given. Find the future value of the investment when interest is compounded (a) annually, (b) monthly, (c) daily, and (d) continuously. Then find (e) the doubling time T for the given interest rate.
P = $85,000, r = 2.3%, t = 4 yr
a) The future value of the investment when interest is compounded annually is $
(Type an integer or a decimal. Round to the nearest cent as needed.)
b) The future value of the investment when interest is compounded monthly is $
(Type an integer or a decimal. Round to the nearest cent as needed.)
c) The future value of the investment when interest is compounded daily is $
(Type an integer or a decimal. Round to the nearest cent as needed.)
d) The future value of the investment when interest is compounded continuously is $
(Type an integer or a decimal. Round to the nearest cent as needed.)
e) Find the doubling time for the given interest rate.
T = yr
(Type an integer or decimal rounded to two decimal places as needed.)