The future value that accrues when $700 is invested at 5%, compounded continuously, is S(t) = 700e.05t where t is the number of years. (Round your answers to the nearest cent.) (a) At what rate is the money in this account growing when t = 6? $4 per year (b) At what rate is it growing when t = 12? %$4 per year
The future value that accrues when $700 is invested at 5%, compounded continuously, is S(t) = 700e.05t where t is the number of years. (Round your answers to the nearest cent.) (a) At what rate is the money in this account growing when t = 6? $4 per year (b) At what rate is it growing when t = 12? %$4 per year
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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Transcribed Image Text:The future value that accrues when $700 is invested at 5%, compounded continuously, is
S(t) = 700e0.05t
%3D
where t is the number of years. (Round your answers to the nearest cent.)
(a) At what rate is the money in this account growing when t = 6?
24
per year
(b) At what rate is it growing when t = 12?
24
per year
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