I cant figure out the equation to use and I feel like er-1 equation is messing me up **Problem Statement**For the following amount at the given interest rate compounded continuously, find:a) The future value after 5 years b) The effective rate c) The time to reach $11,000 **Amount and Rate:** $5,600 at 3.6%---**Questions:**a. The future value after 5 years is approximately \[\_$\] ____. (Do not round until the final answer. Then round to the nearest cent as needed.) (Note: The document does not include the solution or detailed calculations. It appears as a fill-in-the-blank question likely used for student practice on a mathematics platform.)

Given P =5600 r = 3.6 % = 0.036 t = 5 years Future value

Answered: For the following amount at the given…

For the following amount at the given interest rate compounded continuously, find (a) the future value after 5 years, (b) the effective rate, and (c) the time to reach $11,000. $5600 at 3.6% ...

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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