If you were asked to find the doubling time for an initial investment of $4000 growing at an annual interest rate of 3.5%, which of the following is the correct equation to model the situation?
1) 4000 * (1 + 0.035)ᵗ = 8000
2) 4000 * (1 + 0.035/2)⁽²ᵗ⁾ = 8000
3) 4000 * (1 + 0.035/2)⁽ᵗ/²⁾ = 8000
4) 4000 * (1 + 0.035)ᵗ = 16000