SOLUTION: When interest is compounded continuously, the balance in an account after t years is given by P(t)=PO^e^kt, where PO is the initial investment and k is the interest rate. Suppose t
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-> SOLUTION: When interest is compounded continuously, the balance in an account after t years is given by P(t)=PO^e^kt, where PO is the initial investment and k is the interest rate. Suppose t
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Question 726265: When interest is compounded continuously, the balance in an account after t years is given by P(t)=PO^e^kt, where PO is the initial investment and k is the interest rate. Suppose that PO is invested in a savings account where interest is compounded continuously at 8% per year. Express P(t) in terms of PO and 0.08 Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Suppose that PO is invested in a savings account where interest is compounded continuously at 8% per year. Express P(t) in terms of PO and 0.08
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P(t) = Po*e^(0.08t)
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Cheers,
Stan H.
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