Question

1) Please write clearly.

Suppose that $12,170 is invested at an interest rate of 5.1% 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) = 0. (Type exponential notation with positive exponents. Do not simplify. Use integers or decimals for any numbers in the equation.) b) The balance after 1 year is $ (Simplify your answers. Round to two decimal places as needed.) The balance after 2 years is $ (Simplify your answers. Round to two decimal places as needed.)

Answer 1

- Compounded continuously formula s Alt)= A(ert where Act) is the final amount after tyears. Alo2= Initial Amount ra nominal Annual interest rate Gilken A Col= $12,170 OiOS! 97 Y: S:{ Too Alt)= 12,170 posit b) the balance after a year 12870 polosi The balance after 5 years = 12170 poosis - Play 0.0S1X2 0.255 =12170 e Plt)= 112170 e.osit 0.102 The balance after 2 yeus=12170 e = 12 170 e $13,476186 - $115240.77

The balance after loreass =12170 e 0.051X10 , O.SI =12170 e $120,266.59 C. P(t)= 2 MCO) rosit 2 A10-ACO) e poid 0051t = 2 oosit = ln 2 at=13.5911 years doubling time t= [13.6 years