document.write( "Question 1120705: Suppose that $10,095 is invested at an interest rate of 6.2% per year, compounded continuously.
\n" ); document.write( "a) Find the exponential function that describes the amount in the account after time t, in years.
\n" ); document.write( "b) What is the balance after 1 year? 2 years? 5 years? 10 years?
\n" ); document.write( "c) What is the doubling time?\r
\n" ); document.write( "\n" ); document.write( "I don't know how to set up the formula. Once the formula is set up I know that I substitute the number into t. \n" ); document.write( "

Algebra.Com's Answer #736394 by MathTherapy(10552) $\"\"$ $\"About$

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Suppose that $10,095 is invested at an interest rate of 6.2% per year, compounded continuously.
\n" ); document.write( "a) Find the exponential function that describes the amount in the account after time t, in years.
\n" ); document.write( "b) What is the balance after 1 year? 2 years? 5 years? 10 years?
\n" ); document.write( "c) What is the doubling time?\r
\n" ); document.write( "\n" ); document.write( "I don't know how to set up the formula. Once the formula is set up I know that I substitute the number into t.
\n" ); document.write( "

Correct formula: , where:
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document.write( "P = $10,095
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document.write( "e = 2.7182818.......
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document.write( "r = Annual interest rate (6.2%, or .062, in this case)
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document.write( "t = time\r
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document.write( "What is wrong with these people on here? How can an amount take less than 1 YEAR to double? RIDICULOUS!!
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document.write( "At a rate of 6.2%, and with CONTINUOUS compounding, ANY investment/deposit will take  to DOUBLE! \n" );
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