SOLUTION: Solve the problem.
When interest is compounded continuously, the balance in an account after t years is given by P(t)= Poekt, where Po is the initial investment and k is the int
Algebra ->
Customizable Word Problem Solvers
-> Misc
-> SOLUTION: Solve the problem.
When interest is compounded continuously, the balance in an account after t years is given by P(t)= Poekt, where Po is the initial investment and k is the int
Log On
Question 726650: Solve the problem.
When interest is compounded continuously, the balance in an account after t years is given by P(t)= Poekt, where Po is the initial investment and k is the interest rate. Suppose that Po is invested in a savings account where interest is compunded continuously at 8% per year. Express P(t) in terms of Po and 0.08.
Possible answers are:
A) P(t)= Poo.08t
B) None
C) P(t)=Poe0.08t
D) P(t)=Poe8t
E) P(t)=Poe0.08 Answer by KMST(5328) (Show Source):
You can put this solution on YOUR website! with = amount originally invested (principal at time zero), = annual interest rate (expressed as a decimal), and = time in years,
gives the balance as a function of time.
If the annual interest is 8%, the interest rate expressed as a decimal is --> and
All you had to do is write instead of in the formula.
