Delgado Montgomery
03/22/2024 · Junior High School
An initial investment amount \( P \), an annual interest rate \( r \), and a time \( t \) are given. Find the future value of the investment when the interest is compounded (a) annually, (b) monthly, (c) daily, and (d) continuously. Then find (e) the doubling time \( T \) for the given interest rate. Round to the nearest cent or nearest tenth of a year as needed. \( P=\$ 1500, r=3.25 \%, t=5 \mathrm{yr} \)
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(a) Compounded Annually: $1760.12
(b) Compounded Monthly: $1764.28
(c) Compounded Daily: $1764.66
(d) Compounded Continuously: $1764.67
(e) Doubling Time: 21.33 years
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