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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 9 years when $8000 is deposited in a savings account drawing 5% annual interest compounded continuously. (Round your answer to the nearest cent.) 2$ (b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.) years s0(1 + 0.0575) \9(4) that is accrued when interest is compounded quarterly. (c) Use a calculator to compare the amount obtained in part (a) with the amount S = 8000 (Round your answer to the nearest cent.) S = $

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 9 years when $8000 is deposited in a savings account drawing 5% annual interest compounded continuously. (Round your answer to the nearest cent.) 2$ (b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.) years s0(1 + 0.0575) \9(4) that is accrued when interest is compounded quarterly. (c) Use a calculator to compare the amount obtained in part (a) with the amount S = 8000 (Round your answer to the nearest cent.) S = $

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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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 9 years when $8000 is deposited in a savings account drawing 5% annual interest compounded continuously. (Round 4 your answer to the nearest cent.) $ (b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.) years Use a calculator to compare the amount obtained in part (a) with the amount S = 8000( 1 + (0.0575) 9(4) that is accrued when interest is compounded quarterly. (c) (Round your answer to the nearest cent.) S = $
Transcribed Image Text: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 9 years when $8000 is deposited in a savings account drawing 5% annual interest compounded continuously. (Round 4 your answer to the nearest cent.) $ (b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.) years Use a calculator to compare the amount obtained in part (a) with the amount S = 8000( 1 + (0.0575) 9(4) that is accrued when interest is compounded quarterly. (c) (Round your answer to the nearest cent.) S = $
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