Suppose that $17,183 is invested at an interest rate of 5.4% per year, compounded continuously. a) Find the exponential func
tion that describes the amount in the account after time t, in years. b) What is the balance after 1 year? 2 years? 5 years? 10 years? c) What is the doubling time?
1 answer:
Answer:
Total = Principal * e ^ (rate * years)
Total = 17,183 * 2.718281828459 ^ (.054 * years)
After 1 year = 18,136.39
After 2 years = 19,142.68
After 5 years = 22,509.12
After 10 years = 29,486.15
We'll use this formula to find the doubling time:
Years = ln (total / principal) / rate
we'll use 200 for total and 100 for principal
Years = ln (200 / 100) / rate
Years = ln (2) / .054
Years = 0.69314718056 / .054
Years = 12.8360588993 Years Doubling Time
Step-by-step explanation:
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