Question

A woman invests $6400 in an account that pays 6% interest per year, compounded continuously. (a) What is the amount after 3 years? (Round your answer to the nearest cent.) $ 7622.50 (b) How long will it take for the amount to be $8000? (Round your answer to two decimal places.) 3.82 yr

          A woman invests $6400 in an account that pays 6% interest per year, compounded continuously.
(a) What is the amount after 3 years? (Round your answer to the nearest cent.)
$ 7622.50
(b) How long will it take for the amount to be $8000? (Round your answer to two decimal places.)
3.82 yr

A woman invests 6400 in an account that pays 6% interest per year, compounded continuously.
(a) What is the amount after 3 years? (Round your answer to the nearest cent.) 7622.50
(b) How long will it take for the amount to be 8000? (Round your answer to two decimal places.)
3.82 yr

Added by Tyler C.

Precalculus with Limits

Ron Larson 2nd Edition

Instant Answer

Solved by Expert Kathleen Carty

04/05/2023

Step 1

71828). In this case, $P = 6400$, $r = 0.06$, and $t = 3$. Plugging these values into the formula, we get: $A = 6400 \cdot e^{(0.06)(3)}$ $A \approx 7622.50$ So the amount after 3 years is $\boxed{7622.50}$. (b) To find how long it will take for the amount to Show more…

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A woman invests $6400 in an account that pays 6% interest per year, compounded continuously. (a) What is the amount after 3 years? (Round your answer to the nearest cent.) $ 7622.50 (b) How long will it take for the amount to be $8000? (Round your answer to two decimal places.) 3.82 yr