Solution Found!
Exer. 56: If P dollars is deposited in a savings account
Chapter 5, Problem 5(choose chapter or problem)
QUESTION:
Exer. 56: If P dollars is deposited in a savings account that pays interest at a rate of r% per year compounded continuously, find the balance after t years.
Questions & Answers
QUESTION:
Exer. 56: If P dollars is deposited in a savings account that pays interest at a rate of r% per year compounded continuously, find the balance after t years.
ANSWER:Step 1 of 2
The balance of principal amount P with annual rate of compound interest r after t years is expressed by
(i)
Here, r is in the decimal form.