Q 9) I need help with a calculus homework question (plz use the compounding formula) 9. An amount of $12,000 is deposited in a bank that pays interest at a rate of 3.5%,compounded continuously.(a) What is the total amount after 4 years? Round your answer to two decimalplaces.(b) What was the interest earned in those 4 years? Round your answer to two decimalplaces.

Given query is to find the the amount after 4 years and the interest earned.

Answered: 9. An amount of $12,000 is deposited in…

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter11: Exponential And Logarithmic Functions

Section11.2: Applications Of Exponential Functions

Problem 27PS

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9. An amount of $12,000 is deposited in a bank that pays interest at a rate of 3.5%, compounded continuously. (a) What is the total amount after 4 years? Round your answer to two decimal places. (b) What was the interest earned in those 4 years? Round your answer to two decimal places.