Question

When interest is compounded continuously, the amount of money increases at a rate proportional to the amount s present at time t, that is, d s / d t = r s , where r is the annual rate of interest.
a.Find the amount of money accrued at the end of 5 years when $6000 is deposited in a savings account drawing 5 3 4 % annual interest compounded continuously. (round your answer to the nearest cent.)
b.In how many years will the initial sum deposited have doubled? (round your answer to the nearest year.)
c.Use a calculator to compare the amount obtained in part
a.With the amount s = 6000 ( 1 + 1 4 ( 0.0575 ) ) 5 ( 4 ) that is accrued when interest is compounded quarterly. (round your answer to the nearest cent.)?

Answer 1

Answer:

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