Suppose that $13,575 is invested at an interest rate of 5.3% per year, compounded continuously. a) Find the exponential function that describes the amount in the account after time t, in years. b) What is the balance after 1 year? 2 years? 5 years? 10 years? c) What is the doubling time? a) The exponential growth function is P(t) = (Type exponential notation with positive exponents. Do not simplify. Use integers or decimals for any numbers in the equation.) b) The balance after 1 year is $. (Simplify your answers. Round to two decimal places as needed.) The balance after 2 years is $. (Simplify your answers. Round to two decimal places as needed.) The balance after 5 years is $. (Simplify your answers. Round to two decimal places as needed.) The balance after 10 years is $ (Simplify your answers. Round to two decimal places as needed.). COL c) The doubling time is years. (Simplify your answers. Round to one decimal place as needed.) Next Copyright © 2022 Pearson Education Inc. All rights reserved. | Terms of Use | Privacy Policy | Permissions | Contact Us | DOLL

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