Question

tor Round each answer to 2 decimal places. You deposit $3000 in an account earning 4% interest compounded continuously. The amount of money in the account after t years is given by A(t) = 3000e0.04 How much will you have in the account in 8 years? How long will it be until you have $16000 in the account? years How long does it take for the money in the account to double? years

Answer 1

A(t) = 3000 e 0.04t In 8 years, t = 8 0.048 so A18) - 3000 e = 4131:38 so, in 8 year money will be $4131.38 when alt $16000, then 0.04+ 16000 = 3000 e 0.oyt e 16000 3000 => 0.04t = en (1673) =) t = 41.850 so, In 41.85 years money will be $16000. when double, then 0.046 6000 = 3000 e => 0.04 + = en (613) -) t=17:33 so it will tane 17.33 yems to double the money. cs Scannea wun cama canner