Suppose that $16,869 is invested at an interest rate of 5.2% 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.) c) The doubling time is years, (Simplify your answers. Round to one decimal place as needed.)
Suppose that $16,869 is invested at an interest rate of 5.2% 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.) c) The doubling time is years, (Simplify your answers. Round to one decimal place as needed.)
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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Transcribed Image Text:Suppose that $16,869 is invested at an interest rate of 5.2% 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.)
c) The doubling time is years.
(Simplify your answers. Round to one decimal place as needed.)
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