Grandparents want to make a gift of $100,000 for their grandchild’s 20th birthday. How much would…

Grandparents want to make a gift of $100,000 for their grandchild’s 20th birthday. How much would have to be invested on the day of their grandchild’s birth if their investment could earn

(a) 10.5% compounded continuously

(b) 11% compounded continuously?

(c) Describe the effect that this slight change in the interest rate makes over the 20 years of this investment.