Hello everyone, I am working on a math project relating to logarithms, exponential growth and decay, and I have the following problem to work on:
8. The final amount for $5000 invested for 25 years at 10% annual interest compounded semiannually is $57,337.
a. What is the effect of doubling the amount invested?
b. What is the effect of doubling the annual interest rate?
c. What is the effect of doubling the investment period?
d. Which of the above has the greatest effect on the final amount of the investment?
I can't seem to figure out how to start...
Any suggestions? Thanks!