Mathematics

8 July, 10:24

Suppose that $11,572 is invested at an interest rate of 6.2% 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?

a) The exponential growth function is P (t) =.

(Type exponential notation with positive exponents. Do not simplify. Use integers or decimals for any numbers in the equation.)

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