18. Suppose that $10,000 is invested at an interest rate of 5% per year, compounded continuously. a. Find the exponential function that describes the amount in the account after time t, in years. b. How long will it take for the amount in the account to double? (Round your answer to two decimal places.)
18. Suppose that $10,000 is invested at an interest rate of 5% per year, compounded continuously. a. Find the exponential function that describes the amount in the account after time t, in years. b. How long will it take for the amount in the account to double? (Round your answer to two decimal places.)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.CT: Chapter Test
Problem 11CT
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