When interest is compounded continuously, the amount of money increases at a rate proportional to the amount present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 9 years when $5000 is deposited in a savings account drawing 5% annual interest compounded continuously. (Round your answer to the nearest cent.) %24 (b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.) years 9(4) that is accrued when interest is compounded quarterly. (Round your answer to the (c) Use a calculator to compare the amount obtained in part (a) with the amount S = nearest cent.) S = $

When interest is compounded continuously, the amount of money increases at a rate proportional to the amount present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 9 years when $5000 is deposited in a savings account drawing 5% annual interest compounded continuously. (Round your answer to the nearest cent.) %24 (b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.) years 9(4) that is accrued when interest is compounded quarterly. (Round your answer to the (c) Use a calculator to compare the amount obtained in part (a) with the amount S = nearest cent.) S = $

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter4: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 11T: Suppose that $12,000 is invested in a saving account paying 5.6% interest per year. (a)Write the...

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