document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=460256>Question 460256</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Please help with this question...I cant figure it out...thanks!\r<BR>\n" );
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document.write( "Suppose $5000 is in invested at interest rate k, compounded continuously, and grows to 6954.84 in 6 yr. <BR>\n" );
document.write( "a)Find the interest rate.<BR>\n" );
document.write( "b)Find the exponential growth function.<BR>\n" );
document.write( "c)Find the balance after 10 yr.<BR>\n" );
document.write( "d)Find the doubling time. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #315732 by </B><A HREF=/tutors/aboutme.mpl?userid=nerdybill><B>nerdybill(7384)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nerdybill><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=nerdybill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=315732\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Suppose $5000 is in invested at interest rate k, compounded continuously, and grows to 6954.84 in 6 yr.<BR>\n" );
document.write( "a)Find the interest rate.<BR>\n" );
document.write( "Think: A = Pe^(kt)<BR>\n" );
document.write( "plug in given values to find r:<BR>\n" );
document.write( "6954.84 = 5000e^(6k)<BR>\n" );
document.write( "1.390968 = e^(6k)<BR>\n" );
document.write( "ln(1.390968) = 6k<BR>\n" );
document.write( "ln(1.390968)/6 = k<BR>\n" );
document.write( "0.055 = k<BR>\n" );
document.write( "or<BR>\n" );
document.write( "5.5% = k<BR>\n" );
document.write( ".<BR>\n" );
document.write( "b)Find the exponential growth function.<BR>\n" );
document.write( "A = Pe^(kt)<BR>\n" );
document.write( "A = 5000e^(0.055t)<BR>\n" );
document.write( ".<BR>\n" );
document.write( "c)Find the balance after 10 yr.<BR>\n" );
document.write( "Set t to 10 and solve for A:<BR>\n" );
document.write( "A = 5000e^(0.055t)<BR>\n" );
document.write( "A = 5000e^(0.055*10)<BR>\n" );
document.write( "A = 5000e^(0.55)<BR>\n" );
document.write( "A = $8666.27<BR>\n" );
document.write( ".<BR>\n" );
document.write( "d)Find the doubling time.<BR>\n" );
document.write( "A = 5000e^(0.055t)<BR>\n" );
document.write( "Set A to 10000 and solve for t:<BR>\n" );
document.write( "10000 = 5000e^(0.055t)<BR>\n" );
document.write( "2 = e^(0.055t)<BR>\n" );
document.write( "ln(2) = 0.055t<BR>\n" );
document.write( "ln(2)/0.055 = t<BR>\n" );
document.write( "12.6 years = t<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );