Suppose that $13,000 is invested in a savings account paying 5.3% interest per year. (a) Write the formula for the amount A in the account after t years if interest is compounded monthly. A(t) = (b) Find the amount in the account after 4 years if interest is compounded daily. (Round your answer to two decimal places.) (c) How long will it take for the amount in the account to grow to $20,000 if interest is compounded continuously? (Round your answer to two decimal places.)

Question
Suppose that $13,000 is invested in a savings account paying 5.3% interest per year.
(a) Write the formula for the amount A in the account after t years if interest is compounded monthly.
A(t) =
(b) Find the amount in the account after 4 years if interest is compounded daily. (Round your answer to two decimal places.)
(c) How long will it take for the amount in the account to grow to $20,000 if interest is compounded continuously? (Round your answer to two decimal places.)
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Transcribed Image Text

Suppose that $13,000 is invested in a savings account paying 5.3% interest per year. (a) Write the formula for the amount A in the account after t years if interest is compounded monthly. A(t) = (b) Find the amount in the account after 4 years if interest is compounded daily. (Round your answer to two decimal places.) (c) How long will it take for the amount in the account to grow to $20,000 if interest is compounded continuously? (Round your answer to two decimal places.)

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