Assignment Due 3/28

Assignment 3: Compounded Interest

a) How long does it take for money to double in value if it is invested in an

account at 5% interest compounded annually? Show all work.

b) How long does it take for money to double in value if it is invested in an

account at 5% interest compounded continuously? Show all work.

c) Finally, explain/discuss the differences in the methods used to solve these two problems.