Suppose that $70000 is invested at 5% interest per year. Find the amount of money in the account after 2 years if the interest is compounded annually. Find the amount of money in the account after 2 years if the interest is compounded continuously. If interest is compounded annually, what is the amount of money at t=2 years? $ (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if needed.) If interest is compounded continuously, what is the amount of money at t = 2 years? $ (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if needed.)
Suppose that $70000 is invested at 5% interest per year. Find the amount of money in the account after 2 years if the interest is compounded annually. Find the amount of money in the account after 2 years if the interest is compounded continuously. If interest is compounded annually, what is the amount of money at t=2 years? $ (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if needed.) If interest is compounded continuously, what is the amount of money at t = 2 years? $ (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if 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 $70000 is invested at 5% interest per year. Find the amount of money in the account after 2 years
if the interest is compounded annually. Find the amount of money in the account after 2 years if the interest is
compounded continuously.
If interest is compounded annually, what is the amount of money at t=2 years?
$
(Simplify your answer. Type an integer or a decimal. Round to the nearest cent if needed.)
If interest is compounded continuously, what is the amount of money at t=2 years?
$
(Simplify your answer. Type an integer or a decimal. Round to the nearest cent if needed.)
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