Suppose that $10,484 is invested at an interest rate of 5.6% per year, compounded continuously. a) Find the exponential function

Question

Suppose that $10,484 is invested at an interest rate of 5.6% per year, compounded continuously.
a) Find the exponential function that describes the amount in the account after time t, in years.
b) What is the balance after 1 year? 2 years? 5 years? 10 years?
c) What is the doubling time?

Kunduz · Accepted Answer

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