Question

16. 1/2 points Previous Answers LarATRMRP7 4.5.0183/30 Submissions Used My Note Corplete the table for a savings account in which interest is compounded continuously. (Round your answers to four decimal places.) Initial Annual Time to Amount Alter Investment Rate Double 12 Years Y

the population P (in thousands) of a certain city from 2000 through 2008 can be modeled by

p=280.84e^kt

where t is the year with t=0

corresponding to 2000.

in 2006 the population was about 360,000.

(a) finf the value of k for the model. round your result to four decimal places

(b) use your model to predict the population in 2015(round your answer to the nearest person

p=??

Answer 1

16)

Function Arguments ? X LN Number 335.21/250 1 = 1.34084 = 0.293296283 Returns the natural logarithm of a number. Number is the positive real number for which you want the natural logarithm. Formula result = 29.33% Help on this function OK Cancel

Hence, Annual interest rate is 2.4441% (29.33%/12)

Function Arguments ? X NPER E14 Rate Pmt PV Fv Type -250 500 o 1 1 1 1 1 = 0.024441357 = 0 = -250 = 500 = 0 = 28.70478184 Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. Type is a logical value: payment at the beginning of the period = 1; payment at the end of the period = 0 or omitted. Formula result = 28.7048 Help on this function D OK Cancel

Hence, Time to double is 28.7048 years

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