Question: 15. Note the continuous compounding formula : The amount A in an account after t years due to a principal P invested at an annual

15. Note thecontinuous compounding formula: The amountAin an account aftertyears due to a principalPinvested at an annual interest rater(expressed as a decimal),compounded

continuously isA=Pert.

Suppose $2,500 is invested in an account at an annual interest rate of 7.7% compounded

continuously.

(a) For this scenario, state the numerical values forPandr.

(b) How much money is in the account at the end of five years (rounded to the nearest dollar)?

Show work.

(c) How long (to the nearest tenth of a year) will it take the investment to reach $5,000?Write an appropriate equation and show how to solve it.

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