Suppose that ($ 1,000) is invested at (5 %) interest compounded continuously. Use the formula [A=P e^{r

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Suppose that $\$ 1,000$ is invested at $5 \%$ interest compounded continuously. Use the formula

\[A=P e^{r t}\]

a. How long (to the nearest day) before the value is $\$ 1,250$ ?

b. How long (to the nearest day) before the money doubles?

c. What is the interest rate (compounded continuously and rounded to the nearest tenth of a percent) if the money doubles in 5 years?

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Nature Of Mathematics

ISBN: 9781133947257

13th Edition

Authors: Karl J. Smith

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Question Posted: Jan 28, 2024 01:01 AM

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Suppose that ($ 1,000) is invested at (5 %) interest compounded continuously. Use the formula [A=P e^{r

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The formula for continuously compounded interest is A P ert where A is the amount of money accumulated after n years including interest P is the princ...View the full answer

Nature Of Mathematics

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