1.)

At a growth (interest) rate of 7 percent annually, how long will it take for a sum to double? To triple? Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

Time needed to double:

Time needed to triple:

2.)

Determine the amount of money in a savings account at the end of 3 years, given an initial deposit of $11,500 and an annual interest rate of 12 percent when interest is compounded: Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

a.Annually Future Value:

b.Semiannually Future Value:

c.Quarterly Future Value: