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 52% annual interest compounded continuously. (Round 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 (c) Use a calculator to compare the amount obtained in part (a) with the amount S = 8000 (1 + (0.0575)) (*) S = $ 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 9 years when $8000 is deposited in a savings account drawing 52% annual interest compounded continuously. (Round 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 (c) Use a calculator to compare the amount obtained in part (a) with the amount S = 8000 (1 + (0.0575)) (*) S = $ that is accrued when interest is compounded quarterly. (Round your answer to the nearest cent.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
5. please solve this ty!
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 52% annual interest compounded continuously. (Round your answer to the nearest cent.)
4
$
(b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.)
years
(c) Use a calculator to compare the amount obtained in part (a) with the amount S = 8000 1
S = $
9(4)
that is accrued when interest is compounded quarterly. (Round your answer to the nearest cent.)
000(1+1(0.0575))
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 21 images
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
