SOLUTION: You deposit $3000 in an account earning 7% interest compounded continuously. The amount of money in the account after years is given by A(t)=3000 e^(0.07 t) . How much will y

Question 926211: You deposit $3000 in an account earning 7% interest compounded continuously. The amount of money in the account after years is given by A(t)=3000 e^(0.07 t) .
How much will you have in the account in 5 years? $ Round your answer to 2 decimal places.
How long will it be until you have $17700 in the account? years. Round your answer to 2 decimal places.
How long does it take for the money in the account to double? years. Round your answer to 2 decimal places.
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
You deposit $3000 in an account earning 7% interest compounded continuously. The amount of money in the account after years is given by A(t)=3000 e^(0.07 t)
..
How much will you have in the account in 5 years? $ Round your answer to 2 decimal places.
A(t)=3000 e^(0.07 t)=3000e^(.07*5)=3000 e^(0.35)=$4257.20
..
How long will it be until you have $17700 in the account? years. Round your answer to 2 decimal places.
17700=3000 e^(0.07 t)
e^.07t=17700/3000=5.9
.07t*lne=ln(5.9)
lne=1
t=ln(5.9)/.07=25.36 yrs
..
How long does it take for the money in the account to double? years. Round your answer to 2 decimal places.
2= e^(0.07 t)
.07t*lne=ln(2)
t=ln(2)/.07=9.90 yrs
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