$16,000 is invested in an account paying 2.5% interest compounded continuously. The amount A(t) in the account after t years is given by the exponential function A(t) = 16, 000e 0.025t 1. Determine the amount in the account after 13 years. (Round to two decimal places) 2. How many years will it take for the account to grow to $24,000? (Round to 3 decimal places)
$16,000 is invested in an account paying 2.5% interest compounded continuously. The amount A(t) in the account after t years is given by the exponential function A(t) = 16, 000e 0.025t 1. Determine the amount in the account after 13 years. (Round to two decimal places) 2. How many years will it take for the account to grow to $24,000? (Round to 3 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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