Question 1120705
Suppose that ​$10,095 is invested at an interest rate of 6.2​% per​ year, compounded continuously.
​a) Find the exponential function that describes the amount in the account after time​ t, in years.
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V(t) = P*e^t
P = 10,095, e = 2.718281828459045....
​b) What is the balance after 1​ year? 2​ years? 5​ years? 10​ years?
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​c) What is the doubling​ time?
Solve e^t = 2
t = ln(2)/ln(e) = ln(2) = 0.693 yrs
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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.
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Cheers,
Stan H.
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