Suppose that Po is invested in a savings account in which interest is compounded continuously at 6.1% per year. That is, the balance P grows at the rate given by the following equation. dP = 0.061P(t) dt (a)Find the function P(t) that satisfies the equation. Write it in terms of Po and 0.061. (b)Suppose that $500 is invested. What is the balance after 3 years? (c)When will an investment of $500 double itself?

Suppose that Po is invested in a savings account in which interest is compounded continuously at 6.1% per year. That is, the balance P grows at the rate given by the following equation. dP = 0.061P(t) dt (a)Find the function P(t) that satisfies the equation. Write it in terms of Po and 0.061. (b)Suppose that $500 is invested. What is the balance after 3 years? (c)When will an investment of $500 double itself?

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter5: Inverse, Exponential, And Logarithmic Functions

Section: Chapter Questions

Problem 15T

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