SOLUTION: A man invests $6500 in an account that pays 6% interest per year, compounded continuously. (a) What is the amount after 2 years? (b) How long will it take for the amount to be $8

SOLUTION: A man invests $6500 in an account that pays 6% interest per year, compounded continuously. (a) What is the amount after 2 years? (b) How long will it take for the amount to be $8

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Question 249998: A man invests $6500 in an account that pays 6% interest per year, compounded continuously.
(a) What is the amount after 2 years?
(b) How long will it take for the amount to be $8000?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
a)
A=Pe^rt
A=6500(2.7183)^.06*2
A=6500(1.1275)
A=$7637.50
b)
2.09 yrs
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