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=$125,000, r = 4.3%, t = 3 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.)
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=$125,000, r = 4.3%, t = 3 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.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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=$125,000, r=4.3%, t = 3 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.)
$0
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=0 yr
(Type an integer or decimal rounded to two decimal places as needed.)
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