SOLUTION: From Textbook Wills and May Study word problems: Tutors Thank You! Suppose $5000 is invested at interest rate k, compounded continuously and grows to $6954.84 in 6 years. Fin

Question 144565: From Textbook Wills and May Study word problems:
Tutors Thank You!
Suppose $5000 is invested at interest rate k, compounded continuously and grows to $6954.84 in 6 years. Find the interest rate and Find the exponential growth function also Find the balance after 10 years.

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose $5000 is invested at interest rate k, compounded continuously and grows to $6954.84 in 6 years. Find the interest rate and Find the exponential growth function also Find the balance after 10 years.
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A(t) = A(o)e^(6r)
6954.84 = 5000e^(6r)
1.3909.. = e^6r
6r = ln1.3909
r = 0.054999
r = 5.5%
=============
Balance after 10 years
A(10) = 5000e^(0.055*10)
A(10) = 5000e^(0.55)
A(10) = 5000*1.73325
A(10) = $8666.27
================
Cheers,
Stan H.
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