Question

The balance B in a savings account after t years with continuously compounded interest is

given by


$B = Pe ^{rt}$




Where P is the principal and r is the annual interest rate. If a saving is opened with 20,000

and is compounded continuously with an interest rate of 5%,

a) what will be the account balance in 4 years?

b) How many years will it take for the investment to double? ​

Answer 1

Answer:

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