(a) Find the amount of money accrued at the end of 8 years when $5000 is deposited in a savings account drawing 5% annual interest compounded continuously. (Round your answer to the nearest cent.) (b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.) years 8(4) that is accrued when interest is compounded quarterly. (Round your (c) Use a calculator to compare the amount obtained in part (a) with the amountS = 500 answer to the nearest cent.) S = $

(a) Find the amount of money accrued at the end of 8 years when $5000 is deposited in a savings account drawing 5% annual interest compounded continuously. (Round your answer to the nearest cent.) (b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.) years 8(4) that is accrued when interest is compounded quarterly. (Round your (c) Use a calculator to compare the amount obtained in part (a) with the amountS = 500 answer to the nearest cent.) S = $

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 60SE: The formula for the amount A in an investmentaccount with a nominal interest rate r at any timet is...

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