An initial investment amount P, an annual interest rate r,

Last updated: 7/29/2022

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 = $60,000, r=4.8%, t = 5 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.)