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
icon
Related questions
Question
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.)
Transcribed Image Text: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.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 6 images

Blurred answer
Recommended textbooks for you
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage