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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

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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**Continuous Compound Interest Calculation** A corporation has a continuous compounded bank account with a 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 = Pe^rt 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
Transcribed Image Text:**Continuous Compound Interest Calculation** A corporation has a continuous compounded bank account with a 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 = Pe^rt 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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