You make a one-off initial investment of $7,000 in a bank account that pays 3% interest per year, with interest compounded 4 times per year.
what is the value of the investment after 2 years= $ to the nearest cent?
value after 2 years = $ (to the nearest cent).
how long will it take for the value of the investment to double (in years)?
duration for value of investment to double = (in years, to 2 decimal places).
now assume that it is possible for the interest to compound continuously. what would the value of the investment be after 2 years under the assumption of continuous compounding (to the nearest cent)?
value after 2 years, assuming continuous compounding = $ (to the nearest cent).
how long will it take for the value of the investment to double, assuming continuous compounding of interest?
duration for value of investment to double under continuous compounding = (in years, to 2 decimal places).