an initial investment amount $p$, an annual interest rate $r$, and a time $t$ are given. find the future…

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 = \\$115000$, $r = 3.2\\%$, $t = 6$ yr. a) the future value of the investment when interest is compounded annually is $\\$\\square$ (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 = \\$115000$, $r = 3.2\\%$, $t = 6$ yr. a) the future value of the investment when interest is compounded annually is $\\$\\square$ (type an integer or a decimal. round to the nearest cent as needed.)

Answer

Explanation:

Step1: Recall compound - interest formula for annual compounding

The formula for compound interest when compounded annually is $A = P(1 + r)^t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the number of years. Given $P=$115000$, $r = 0.032$ (since $3.2%=0.032$), and $t = 6$.

Step2: Substitute values into the formula

$A=115000\times(1 + 0.032)^6$. First, calculate $(1 + 0.032)^6$. $(1 + 0.032)^6=1.032^6\approx1.209057$. Then, $A = 115000\times1.209057\approx138041.56$.

Answer:

$138041.56$