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Suppose that P dollars in principal is invested for t years at the given interest rates with continuous compounding. Determine the amount that the investment is worth at the end of the given time period. P=$16,000, t= 11 yr (a) 1% interest (b) 2% interest (c) 4.5% interest

Suppose that P dollars in principal is invested for t years at the given interest rates with continuous compounding. Determine the amount that the investment is worth at the end of the given time period. P=$16,000, t= 11 yr (a) 1% interest (b) 2% interest (c) 4.5% interest

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Suppose that P dollars in principal is invested for t years at the given interest rates with continuous compounding. Determine the amount that the investment is worth at the end of the given time period. P=$16,000, t = 11 yr (a) 1% interest (b) 2% interest (c) 4.5% interest
Transcribed Image Text:Suppose that P dollars in principal is invested for t years at the given interest rates with continuous compounding. Determine the amount that the investment is worth at the end of the given time period. P=$16,000, t = 11 yr (a) 1% interest (b) 2% interest (c) 4.5% interest
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