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Question 145157: I have a problem setting up the equation for these 2 word problems. Any help would be greatly appreciated.
The instructions are:
For questions 5 and 6, recall that, when interest is compounded continuously, the balance in an account after t years is given by
A = Pert,
where P is the initial investment and r is the interest rate.
5. Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?
6. Suppose that $2000 is invested at a rate of 6% per year compounded continuously. What is the balance after 1 yr? After 2 yrs?
Answer by vleith(2983)   (Show Source):
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