Answered: find the function that gives the value…

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter4: Exponential And Logarithmic Functions

Section4.CT: Chapter Test

Problem 11CT

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When the interest on an investment is compounded continuously, the investment grows at a rate that is proportional to the amount in the account. That is, if the amount present is P, then

= kP

where P is in dollars, t is in years, and k is a constant. If $170,000 is invested (when t = 0) and the amount in the account after 18 years is $418,133, find the function that gives the value of the investment as a function of t. (Round your value of k to two decimal places.)

P =

What is the interest rate on this investment? (Round your answer to the nearest whole number.)
%

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