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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,

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,

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.CT: Chapter Test
Problem 11CT
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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=​$100,000​,
r=2.8​%,
t=4
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= $100,000,r= 2.8%, 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.)
Transcribed Image Text: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= $100,000,r= 2.8%, 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.)
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