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= $6500, r= 2. 85%, t= 7 yr

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= $6500, r= 2. 85%, t= 7 yr

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 7PROB

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