SOLUTION: Suppose that $1000 is invested in a savings account where interest is compounded continuously at 4.5% per year. Write down the equation P(t) for the balance in the account after t
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Question 202964: Suppose that $1000 is invested in a savings account where interest is compounded continuously at 4.5% per year. Write down the equation P(t) for the balance in the account after t years.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
For continuous compounding  =P_ie^{rt})
So:
 = 1000e^{0.045\cdot t})
John
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