uppose that P0 is invested in a savings account in which interest is compounded continuously at 5.8% per year. That is, the balance P grows at the rate given by dPdt=0.058P. Suppose that $7000 is invested. When will the investment double?
uppose that P0 is invested in a savings account in which interest is compounded continuously at 5.8% per year. That is, the balance P grows at the rate given by dPdt=0.058P. Suppose that $7000 is invested. When will the investment double?
Chapter5: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 37CT: On the day a grandchild is born, a grandparent deposits $2500 in a fund earning 7.5% interest,...
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Question
Suppose that
P0
is invested in a savings account in which interest is compounded continuously at
5.8%
per year. That is, the balance P grows at the rate given by
dPdt=0.058P.
Suppose that
$7000
is invested. When will the investment double?
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