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4 January, 19:17

The amount in an account with a beginning balance of $3000 and interest compounded continuously at an annual rate of 5.5% can be modeled by the equation a=3000e^ (5.5t)

true or false?

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Answers (2)
  1. 4 January, 19:24
    0
    False.

    The applicable formula for amount in account (a) after t years is given by:

    a = Pe^ (rt); where a = Amount in an account, P = Amount deposited, r = Annual interest rate, t = time in years.

    Substituting;

    a = 3000e^ (0.055t)
  2. 4 January, 19:41
    0
    The continuously compounded formula is given by:

    A=Pe^ (rt)

    where:

    P=principle

    r=rate

    t=time

    Thus from the information given:

    P=$3000, rate=5.5%, the formula will be:

    A=3000e^ (0.055t)

    Thus the answer given is false.
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