Suppose that Po is invested in a savings account in which interest is compounded continuously at 5.9% per year. That is, the balance P grows at the rate given by the following equation. dP = 0.059P(t) dt (a)Find the function P(t) that satisfies the equation. Write it in terms of Po and 0.059. (b)Suppose that $1500 is invested. What is the balance after 2 years? (c)When will an investment of $1500 double itself? (a) Choose the correct answer below. O A. P(t) = P(t) e 0.059t OB. Po = P(t) e 0.059t O C. P(t) = Pa e0.059t O D. P(t) = 0.059P, e' (b) The balance after 2 year is $ (Type an integer or decimal rounded to two decimal places as needed.) (c) The doubling time is year. (Type an integer or decimal rounded to two decimal places as needed.)
Suppose that Po is invested in a savings account in which interest is compounded continuously at 5.9% per year. That is, the balance P grows at the rate given by the following equation. dP = 0.059P(t) dt (a)Find the function P(t) that satisfies the equation. Write it in terms of Po and 0.059. (b)Suppose that $1500 is invested. What is the balance after 2 years? (c)When will an investment of $1500 double itself? (a) Choose the correct answer below. O A. P(t) = P(t) e 0.059t OB. Po = P(t) e 0.059t O C. P(t) = Pa e0.059t O D. P(t) = 0.059P, e' (b) The balance after 2 year is $ (Type an integer or decimal rounded to two decimal places as needed.) (c) The doubling time is year. (Type an integer or decimal rounded to two decimal places as needed.)
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 60SE: The formula for the amount A in an investmentaccount with a nominal interest rate r at any timet is...
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Transcribed Image Text:Suppose that Po is invested in a savings account in which interest is compounded continuously at 5.9% per year. That is, the balance P grows at the rate given by the following equation.
dP
%3D
0.059P(t)
dt
(a)Find the function P(t) that satisfies the equation. Write it in terms of Po and 0.059.
(b)Suppose that $1500 is invested. What is the balance after 2 years?
(c)When will an investment of $1500 double itself?
(a) Choose the correct answer below.
0.059t
O A. P(t)= P(t) e
O B. 0.059t
Po = P(t) e
OC. P(t) = Po e
0.059t
O D. P(t) = 0.059P, e
(b) The balance after 2 year is $
(Type an integer or decimal rounded to two decimal places as needed.)
(c) The doubling time is year.
(Type an integer or decimal rounded to two decimal places as needed.)
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