3. If $1000 is invested at 10% compounded continuously, the future value S at any time t (in years) is given by S = 1000e 0.1t a. What is the amount after 1 year? b. How long before the investment doubles? [3]

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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3. If $1000 is invested at 10% compounded continuously, the future value S at any time
t (in years) is given by S = 1000e 0.1t
a. What is the amount after 1 year?
b. How long before the investment doubles?
[3]
given by p=
In
ce per
Transcribed Image Text:3. If $1000 is invested at 10% compounded continuously, the future value S at any time t (in years) is given by S = 1000e 0.1t a. What is the amount after 1 year? b. How long before the investment doubles? [3] given by p= In ce per
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