When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is,
dS/dt = rS,
where r is the annual rate of interest.
Find the amount of money accrued at the end of 8 years when $5000 is deposited in a savings account drawing 5
% annual interest compounded continuously. (Round your answer to the nearest cent.)
In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.)
Use a calculator to compare the amount obtained in part (a) with the amount S = 5000
that is accrued when interest is compounded quarterly. (Round your answer to the nearest cent.)
S = $
Thank you so much sir
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