a. If you deposit money today in an account that pays 5% annual interest, how long will it take to double your money? Round your answer to two decimal places.

years?

b. An investment will pay $50 at the end of each of the next 3 years, $200 at the end of Year 4, $300 at the end of Year 5, and $550 at the end of Year 6. If other investments of equal risk earn 5% annually, what is its present value? Its future value? Do not round intermediate calculations. Round your answers to the nearest cent.

Present value: $

Future value: $