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Suppose that $19,282 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?

Suppose that $19,282 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?

Algebra and Trigonometry (MindTap Course List)
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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(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.) ere to search O
Transcribed Image Text:(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.) ere to search O
Suppose that $19,282 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 $ g (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 LE-A in 발 99°F ere to search 100
Transcribed Image Text:Suppose that $19,282 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 $ g (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 LE-A in 발 99°F ere to search 100
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