Suppose that $11,586 is invested at an interest rate of 5.1% per year, compounded continuously a) Find the exponential function that describes the amount in the account after time t, in years.
b) What is the balance after 1 year? 2 years? 5 years? 10 years?
c) What is the doubling time?
b) The balance after 1 year is $ 12192.21
(Simplify your answers. Round to two decimal places as needed.)
The balance after 2 years is $ 12830.14
(Simplify your answers. Round to two decimal places as needed.)
The balance after 5 years is $ 14951.28
(Simplify your answers. Round to two decimal places as needed.)
The balance after 10 years is $19294.06
(Simplify your answers. Round to two decimal places as needed)
c) The doubling time is years,
(Simplify your answers Rind to one decimal place as needed.)
va
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