When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 3 years when $6000 is deposited in a savings account drawing 5 3 4 % annual interest compounded continuously. (Round your answer to the nearest cent.) b) in how many years will the initial sum deposited have doubled?(round to the nearest year) c) use a calculator to compare the amount obtained in part (a) with the amount s=(1 + 1/4(0.0575))^3(4) that is accrued when interest is compounded quarterly. (round your answer to the nearest cent.)
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 3 years when $6000 is deposited in a savings account drawing 5 3 4 % annual interest compounded continuously. (Round your answer to the nearest cent.) b) in how many years will the initial sum deposited have doubled?(round to the nearest year) c) use a calculator to compare the amount obtained in part (a) with the amount s=(1 + 1/4(0.0575))^3(4) that is accrued when interest is compounded quarterly. (round your answer to the nearest cent.)
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