Suppose that $16,888 is invested at an interest rate of 5.5% 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?
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a) The exponential growth function is P(t) = 0
(Type exponential notation with positive exponents. Do not simplify. Use integers or decimals for any numbers in the equation.)
b) The balance after 1 year is $.
(Simplify your answers. Round to two decimal places as needed.)
The balance after 2 years is $0.
(Simplify your answers. Round to two decimal places as needed.)
The balance after 5 years is $.
(Simplify your answers. Round to two decimal places as needed.)
The balance after 10 years is $0.
(Simplify your answers. Round to two decimal places as needed.)
c) The doubling time is years.
(Simplify your answers. Round to one decimal place as needed.)