College Algebra 7th Edition

Published by Brooks Cole
ISBN 10: 1305115546
ISBN 13: 978-1-30511-554-5

Chapter 4, Exponential and Logarithmic Functions - Section 4.2 - The Natural Exponential Function - 4.2 Exercises - Page 379: 31

Answer

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Work Step by Step

The formula for continuously compounded Interest is, $A(t)=Pe^{rt}$ whereas, $P=Initial-Investment$, $r=rate$, $e=natural-logarithm's-constant-base$ and $t=time$. Therefore, for $P=7000,$ $r=\%3,$ Thus, The Table is as follows: $\begin{array}{ll} Time & Amount\\ 1 & 7213.18\\ 2 & 7432.856\\ 3 & 7659.22\\ 4 & 7892.478\\ 5 & 8132.84\\ 6 & 8380.52 \end{array}$
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