a. A bank account pays 5.5 % annual interest, compounded monthly. How long will it take the money to double in this account?b. An investment offers to double your money in 5 years, what the APR are you being offered?Please explain and use the attached formula

Future and Present Value 1. FV = C(1 +r)T 2. PV = D ( 1 +r ) T 3. FV = PV (1 +r)T 4. r = - 1 FV 5. T = In PV In(1+r) Annuity 1. PV = pmt r 1 1 (1+r)T] 2. pmt = PV.r 1 1 (1+r)T 3. T =. [in(pmt)-In(pmt-PV.r)] In(1+r) 4. FV = Pmt r [(1 + r)? -1] Annuity Due 5. PV = pm 1 1 r (1+r)T (1+r) 6. FV = pmt [(1 + r)T - 1](1 +r) r EAR & APR 1. EAR = (1 + APR \\ m - 1 m 2. APR = m (1 + EAR)m - 1