A corporation has a continuous compounded bank account with 2.5% annual interest. The board of directors has placed $84,536 in the account when it is opened. At what rate (in dollars per year) is the account growing after 5 years? Round your answer to the nearest cent. (Hint: The formula for continuous compound interest is A=Pet where t is the time (in years), r is the interest rate (as a decimal), P is the initial amount invested (in dollars), and A is the amount in the account (in dollars) after t years. dollars per year
A corporation has a continuous compounded bank account with 2.5% annual interest. The board of directors has placed $84,536 in the account when it is opened. At what rate (in dollars per year) is the account growing after 5 years? Round your answer to the nearest cent. (Hint: The formula for continuous compound interest is A=Pet where t is the time (in years), r is the interest rate (as a decimal), P is the initial amount invested (in dollars), and A is the amount in the account (in dollars) after t years. dollars per year
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Transcribed Image Text:A corporation has a continuous compounded bank account with 2.5% annual interest. The board of directors has placed $84,536
in the account when it is opened. At what rate (in dollars per year) is the account growing after 5 years? Round your answer to
the nearest cent. (Hint: The formula for continuous compound interest is A=Pet where t is the time (in years), r is the interest
rate (as a decimal), P is the initial amount invested (in dollars), and A is the amount in the account (in dollars) after t years.
dollars per year
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