SOLUTION: Interest compounded continuously. Suppose that P 0 is invested in a savings account where interest is compounded continuously at 3.1% per year. * a) Express P(t) in terms of P0 and

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Question 340391: Interest compounded continuously. Suppose that P 0 is invested in a savings account where interest is compounded continuously at 3.1% per year. * a) Express P(t) in terms of P0 and 0.031. * b) Suppose that $1000 is invested. What is the balance after 1 yr? after 2 y...
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


In general:



So for 3.1% per year:



For 1000 for 1 year:



For 1000 for 2 years:



I'll leave you alone to spend some quality time with your calculator.

John

My calculator said it, I believe it, that settles it